KUALA LUMPUR: AmanahRaya Kenedix REIT Manager Sdn Bhd (AKRM), the manager of AmanahRaya Real Estate Investment Trust (AmanahRaya REIT), has announced the termination of a sale and purchase agreement (SPA) for the proposed sale of the Contraves Building in Cyberjaya.
The agreement, signed on June 6, 2024, involved Pacific Trustees Bhd as its trustee and 4x Software Sdn Bhd as the purchaser.
The property, valued at RM42.5mil, was intended to contribute to AmanahRaya REIT’s strategic portfolio realignment.
The termination occurred because the purchaser failed to meet the required condition within the agreed period, which ended on Dec 26, 2024.
AmanahRaya REIT said there is no significant impact on the trust's performance as of Dec 31, 2024. It also mentioned that it is in the process of acquiring a sustainable asset to enhance the distribution per unit.
