MRCB to sell Menara Shell to MQ REIT for RM640mil

Menara Shell offers an unparalleled business address

KUALA LUMPUR: Malaysian Resources Corporation Bhd (MRCB) plans to sell its 33-storey green office tower Menara Shell (pic) to commercial real estate investment trust MQ REIT for RM640mil.

In an announcement to Bursa Malaysia, the property development group said its wholly-owned subsidiary, 348 Sentral, had entered into a heads of agreement with Maybank Trustees Bhd which acted as trustee for MQ REIT.

The agreement is for the disposal of the office tower, together with a five-storey podium and four-storey basement car park in Jalan Tun Sambanthan.

It said the purchase consideration of RM640mil was based on the valuation of Menara Shell by an independent valuer appointed by MRCB.

MRCB said it would be satisfied by MQ REIT through a combination of cash and the issuance of new units in MQ REIT.

The proposed disposal is dependant on approval of shareholders of the respective companies and the authorities.

It said a detailed announcement would be made upon the signing of the sale and purchase agreement.

Menara Shell is an award-winning project, having bagged the Best Office category award at the Malaysian Property Press Awards 2015 (MPPA 2015) last month.

Menara Shell’s MPPA win came a week after it grabbed the top place at the FIABCI Malaysia Property Award, also for the Office Development category.

The green office tower in the Kuala Lumpur Sentral CBD was awarded with the Leadership in Energy and Environmental Design (LEED) Platinum standard certification from the US Green Building Council and a Malaysian Green Building Index (GBI) certification.