BUSY DAY... AmanahRaya in Kuala Lumpur.
KUALA LUMPUR: AmanahRaya-Kenedix REIT Manager Sdn Bhd, the management company of AmanahRaya Real Estate Investment Trust (ARREIT), aims to double its fund size to RM2bil in the next few years.
In terms of growth of dividend and capital values, the management company said it targeted new acquisitions of sizeable assets in prime areas within the Klang Valley and major cities with great potential for growth.
ARREIT’s total assets declined to RM1.04bil for the financial year ended Dec 31, 2016, compared with RM1.10bil in 2015, said the company in a statement issued after its AGM on Tuesday.
The trust has 15 properties and the total assets decreased mainly attributed to the disposal of Wisma AmanahRaya in Jalan Ampang.
“The shortfall in rental revenue from RM61.61mil in 2015 to RM57.39mil in 2016 was mainly due to the loss of rental income of RM6.52mil from the disposal of Wisma AmanahRaya,” it said.
Nevertheless, the decline in rental income was well mitigated as the manager successfully completed three acquisitions during the year namely Toshiba TEC Malaysia (in Shah Alam), Deluge Factory (Johor) and Contraves Building (Cyberjaya). - Bernama
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