Upon completion of the proposed acquisition, Tower REIT’s consolidated asset base is expected to increase about 42.3% to RM814.3mil and the average building age of its property portfolio is expected to decrease to 18 years from 23.
KUALA LUMPUR: Tower Real Estate Investment Trust (REIT) has entered into a conditional sale and purchase agreement with Guocoland (Malaysia) Bhd
’s indirect subsidiary DC Offices Sdn Bhd for the proposed acquisition of an office building for RM242.1mil cash.
The acquisition target, Menara Guoco, is a 19-storey office building that forms part of the Damansara City integrated commercial development in Damansara Heights, Kuala Lumpur.Notable aspects of the property include its energy-efficient and green features, its Green Building Index accreditation and Gold leadership in Energy and Environmental Design certifications.
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