Malaysia-listed office and retail REIT Quill Capita Trust’s (QCT’s) proposal to acquire Platinum Sentral for MYR740 million (SGD277 million) has received majority shareholder approval.

The approval was received at an extraordinary general meeting convened on 12 March to table the property’s acquisition. Also approved was a motion to issue between 55 million and 85 new units at an issue price to be determined later.

Platinum Sentral is a commercial development consisting of five blocks of 4 to 7 storey commercial building comprising office-cum-retail space, a multi- purpose hall and two levels of car park located at Kuala Lumpur Sentral.

Currently, the property enjoys full occupancy rate and is tenanted by corporations such as Small and Medium Enterprises Corporation Malaysia, SBM Malaysia Sdn Bhd and Malaysian government body Suruhanjaya Pengangkutan Awam Darat.

The purchase will be satisfied via a cash payment of MYR476 million while the balance of MYR264 million will be settled by the issuance of 206,250,000 consideration units at an issue price of MYR1.28 per unit.

Upon acquisition, QCT’s total portfolio size will increase from MYR868 million to MYR1.6 billion and position the REIT as the eighth largest among the listed REITs in Malaysia.

Units of QCT are currently listed on the Bursa Malaysia at MYR1.25.