Malaysia-listed multi-sector landlord Amanah Raya REIT (AARET:MK) announced on 29 September that it has entered into a 25-year agreement with private educational institution HELP University for the latter to rent its 11-storey property in Kuala Lumpur known as ‘Wisma Amanah Raya Berhad’.
The rent will start at MYR413,000 (USD147,218) monthly for the first five years after which it will be stepped up incrementally in five year periods up to MYR483,000 for years 21 to 25. The lease agreement commenced on 3 September.
A separate rent is being charged for the the property’s carpark which starts at MYR37,500 for the first five years. The 14-year old property was previously occupied by the CIMB Group of Companies.
HELP University in private college which started in 1986 and runs a variety of twinning courses with overseas educational institutions and programmes such as University of Waterloo and Cambridge certificate courses.
Besides Wisma Amanah Raya Berhad, Amanah Raya REIT has a portfolio of 13 other properties including a hotel and a retail mall.
Units of Amanah Raya REIT are currently listed on the Bursa Malaysia at MYR0.89.