AmanahRaya REIT buys office building

PETALING JAYA: AmanahRaya Real Estate Investment Trust (AmanahRaya REIT) is acquiring a four-storey freehold office building located in Cyberjaya, Selangor for RM40mil.

The Reit said the property has a gross built up area of 93,804 sq ft, with a valuation at RM426.42 per sq ft.

In a filing with Bursa Malaysia, AmanahRaya REIT said it has entered into a sale and purchase agreement Cyberview Sdn Bhd and Setia Haruman Sdn Bhd for the proposed acquisition.

AmanahRaya REIT said the 15-year old building fetches a monthly rental of RM300,000 per month with a net yield of 7.19% per annum.

“The tenant (Contraves Sdn Bhd) hereby accepts a tenancy of the property for a remaining term of five-year until year 2021...at an initial monthly rental of RM300,000 per month with 10% incremental revision per term,” AmanahRaya REIT said.