Malaysia-listed office REIT, MRCB-Quill REIT, announced on 3 November that it will be acquiring a 33-storey office tower in Kuala Lumpur Sentral for MYR640.0 million (USD151 million).
The property, known as Menara Shell, will be acquired from 348 Sentral Sdn Bhd, a wholly-owned subsidiary of Malaysian Resources Corporation Berhad (MRCB). Included in the acquisition is a 5 storey podium and a 4 storey basement car park.
“This is a demonstration of MRCB’s commitment as one of MRCB-Quill REIT’s sponsor to provide MRCB-Quill REIT with the opportunity to access pipelines of completed commercial office properties, through the right of first refusal executed by the shareholders of MQM”, said Yong Su-Lin, CEO of MRCB-Quill Management (MQM).
Menara Shell has a total net lettable area of 556,468 square feet. The property commenced operations in May 2013 and is almost 100% occupied said the REIT. Tenants in the property include as Shell People Services Asia and AmGeneral Insurance Berhad.
Upon completion of the acquisition, Menara Shell will be the 12th property in MRCB-Quill REIT’s portfolio.