AR-REIT to dispose of Cyberjaya asset

PETALING JAYA: Amanahraya Real Estate Investment Trust (AR-REIT) is disposing of a free standing four storey purpose-built office building in Cyberjaya, Selangor to 4X Software Sdn Bhd for RM42.5mil.

In a filing with Bursa Malaysia, AR-REIT said the proposed disposal is in line with its investment objectives to re-balance its portfolio towards new resilient and sustainable assets.

“The manager believes that after almost eight years of owning this property, it has maximised the income-generating potential of this asset and there is limited upside for future rental growth in its current capacity being a typical office market that is currently in over supply.

“Given the favourable price of this asset sale and leveraging on the best and highest use, this is an opportune time to dispose of the property and to redeploy the capital towards potential yield-accretive properties.”