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Cyberjaya News & Articles : AmFIRST REIT Completes Acquisition Of Cyberjaya's Properties
Posted by admin on 2011/12/1 8:00:00 (1887 reads) News by the same author
Cyberjaya News & Articles

KUALA LUMPUR (Dec 1)

AmFIRST Real Estate Investment Trust (AmFIRST REIT) has completed the acquisition of its first investment in Cyberjaya, Prima 9 and Prima 10.

The two properties, which are tenanted by multinational companies on long-term leases, were acquired for RM133 million, said its manager Am ARA REIT Managers Sdn Bhd in a Bursa announcement on Thursday.

The acquisitions capitalise on the economic growth and vibrancy of Cyberjaya's commercial office segment in order to achieve wider geographical diversification of its current investment portfolio.

AmFIRST REIT CEO Lim Yoon Peng said the acquisition is consistent with AmFIRST REIT's investment strategy to acquire high quality assets to grow its asset under management (AUM) and to provide unitholders with sustainable income distributions as well as to achieve the long term growth in the net asset value of the fund.

Lim added that the recently announced proposed rights issue will be a catalyst to drive AmFIRST REIT's asset acquisition strategy.

With the new properties, AmFIRST REIT will have an investment portfolio of eight properties, an addition of 211,496 sq ft to the total net lettable area of 2.311 million sq ft as at September 30, 2011. The acquisition also grew its AUM by 13% from RM1.028 billion as at September 30, 2011 to RM1.163 billion and a gearing ration increase to 46.5%.

The other properties in the portfolio are Bangunan AmBank Group, Menara AmBank, and AmBank Group Leadership Centre in Kuala Lumpur, as well as Menara AmFirst in Petaling Jaya, Kelana Brem Towers in Kelana Jaya and The Summit Subang USJ in Subang Jaya.

These two new properties are expected to contribute an additional distributable income of 0.68 sen per unit on an annual basis. The manager is currently evaluating proposals for potential injection of assets into the REIT post completion of the rights exercise.

--- Source: The Edge on Yahoo! News

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