AmanahRaya REIT to acquire Vista Tower for MYR455 million

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Malaysia’s AmanahRaya REIT has entered into a conditional sale and purchase agreement to acquire a 63-storey office tower in Kuala Lumpur from The Intermark Sdn Bhd for a total purchase consideration of MYR455 million.

The freehold property, which is known as Vista Tower, features 551,875 square feet of net lettable area (NLA), and bears the postal address of No. 348, Jalan Tun Razak, 50400 Kuala Lumpur.

Vista Tower was completed approximately 23 years ago, but had undergone extensive renovations in 2011, said the REIT.

The office tower is currently 74.4% occupied as at 31 July 2017, however this may fall to 66.3% due to the nonrenewal of one of the tenancy agreements upon its expiry on 30 November 2017, the REIT warns.

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Ridzwan Rahmat has been analysing Singapore-listed REITs and business trusts, since 2008. For disclosure purposes, Ridzwan is currently vested in Mapletree Greater China Commercial Trust, Mapletree Industrial REIT and Mapletree Logistics Trust.

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