Malaysia-listed office and industrial REIT, MRCB-Quill REIT, announced on 7 September that it has completed the divestment of Quill Building 10.

The REIT first announced in February 2015 that it will be divesting the five-storey office building in Petaling Jaya, Selangor for MYR27.3 million (USD6.3 million). The property has been sold to Malaysian property investment company Aldwych Capital Sdn Bhd.

The building, with 68,000 square feet of net lettable area, is on a leasehold of 99 years which will expire in January 2063 and is currently vacant. According to documents filed with Bursa Malaysia, audited book value for the property as of December 2014 stands at MYR26.5 million. The building was acquired in March 2008 for MYR22.7 million.

Management of QCT has described the divestment as one that is in line with the REIT’s larger objectives. “The manager feels that as there is limited upside for future rental growth and given the favorable market prices for asset sales, it is an opportune time to dispose of this asset and re-deploy the capital for more yield accretive properties”, said QCT in a document filed with the bourse.

Units of MRCB-Quill REIT are currently listed on the Bursa Malaysia at MYR1.10.