Malaysia-listed commercial and industrial REIT Quill Capita Trust (QCT) recorded a 0.2% and 0.4% fall in gross revenue and net property income respectively.

Subsequently its earnings per unit (EPU) for the quarter came in at 2.09 sen, a marginal increase from the 2.08 sen recorded for the corresponding period last year.

However the REIT, jointly owned by Singapore’s Capitaland and Malaysian companies Quill Resources and Coast Capital, has indicated that it is pleased with the showing.

Dato’ Mohammed Hussein, Chairman of QCM said “We are pleased with QCT’s performance in 1Q 2014 which was achieved through active asset management and prudent cost management strategies, even in the midst of economic uncertainty and the challenging office market environment”.

“QCT recently signed a conditional sales and purchase agreement for the proposed acquisition of a freehold commercial development in Kuala Lumpur Sentral known as Platinum Sentral. Subject to the satisfaction of the conditions in the agreement, the acquisition is targeted to be completed before the end of 2014. This is a substantial growth opportunity that will provide a stable and sustainable income stream to the trust. Further detailed information of this proposed acquisition will be made available in the circular to unitholders which will be issued in due course”, he added.

QCT currently owns 10 buildings comprising five in Cyberjaya, two in Kuala Lumpur, one each in Shah Alamand Petaling Jaya and one in Penang, valued at MYR825.26 million as at 31 December 2013.