Malaysia-listed Tower REIT has completed the disposal of 19 office parcels and 190 car park bays in Kuala Lumpur office property, Menara ING.

The office REIT had on 29 December 2014 entered into a sale and purchase agreement with Goldstone Kuala Lumpur to divest the property for a total cash consideration of MYR132.3 million (SGD49 million).

Tower REIT has indicated that it expects to realise a net gain of approximately MYR40 million from the sale.

“The proposed disposal will have a favourable impact on the net gearing of the trust”, said Tower REIT in a December 2014, adding that it expects the divestment to result in an increase in the net asset value per unit by approximately 5%.

The REIT had also said that it expects the divestment to contribute positively to the earnings of the REIT for the financial year ending 31 December 2015.

Tower REIT has a portfolio of two other properties in Kuala Lumpur - Menara HLA and HP Towers. Units of of Tower REIT are currently listed in the Bursa Malaysia at MYR1.28.