Malaysia-listed multi-sector real estate investment trust AmanahRaya REIT (AARET:MK) announced on 9 December that it has entered into a sale and purchase agreement with logistics company Noble Perspective to divest a warehouse complex in Port Klang for MYR34 million.
The 36-year old complex, known as the Kontena Nasional Distribution Centre 11, is situated in the North Klang Industrial Area of Port Klang, Selangor. It comprises of 13 units of single-storey warehouses and two units of guard houses.
The property, with a total land area of approximately 588,000 square feet, was acquired in December 2007 for MYR28.5 million. It is currently in use as a bonded warehouse and was last listed with a book value of MYR34.3 million.
AmanahRaya REIT has described the divestment as an “opportunistic disposal” and indicated that proceeds from the sale “will be redeployed for more yield and value accretive properties”. “The proposed disposal also enables AmanahRaya REIT to realise the value of its investment in the said property at a consideration above the current market value”, said the REIT in a filing with Bursa Malaysia on 9 December.
The divestment is expected to be completed by the middle of 2015.
Units of AmanahRaya REIT last changed hands at MYR0.825 on the Bursa Malaysia.