UOA REIT's Wisma UOA Pantai. (Photo: Google)UOA REIT's Wisma UOA Pantai. (Photo: Google)

UOA REIT has derived net proceeds of of approximately MYR118 million (USD29.5 million) from the sale of Wisma UOA Pantai, in Kuala Lumpur.

The sum was derived after deducting all estimated costs arising from the property disposal, said the REIT on 12 June.

The proceeds will be utilised to reduce existing bank borrowings immediately upon receipt of the sales proceeds, UOA REIT added.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.