Al-Salam REIT buying properties from QSR for RM115mil

  • Business
  • Tuesday, 05 Dec 2017

PETALING JAYA: AmanahRaya Trustees Bhd, as trustee for Al-Salam REIT, is acquiring 22 properties from several QSR Brands (M) Holdings Bhd units in an all-cash deal of RM115mil.

The vendors of the properties are KFC (Peninsular Malaysia) Sdn Bhd, Kentucky Fried Chicken (M) Sdn Bhd, KFC (Sabah) Sdn Bhd and SPM Restaurants Sdn Bhd.

AmanahRaya said the proposed acquisitions are conditional upon a leaseback agreement with QSR Stores Sdn Bhd and Pizza Hut Restaurants Sdn Bhd that the properties would be leased for three years with an option to extend up to a period of 15 years, and a further option for renewal.

The proposed acquisitions are deemed related party transactions as state investment company Johor Corp is the ultimate parent of AmanahRaya and the vendors.

The properties comprise 21 restaurants and one warehouse/office that support the F&B operations of the KFC and Pizza Hut fast food outlets.

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Business , Al-Salam , OSR


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