PETALING JAYA: AME Real Estate Investment Trust
(AME REIT) is acquiring three industrial properties in Johor totalling 385,304 sq ft from AME Elite Consortium Bhd for RM100.8mil.
In a filing with Bursa Malaysia, AME REIT said the properties are strategically located within one of the main development corridors under Iskandar Malaysia, a new regional growth centre in South Peninsular Malaysia adjacent to Singapore.
“This special economic zone is planned to be a major regional economic hub. Its development is prioritised and encouraged via various incentives which include vast expansion capacity, world-class infrastructure and facilities, and an investment-friendly business environment.
“Given the strategic location, development potential of the area in which the properties are located and the facilities in the respective developments, the manager is of the view that the properties have potential for market value appreciation.”
AME REIT said the related party transaction is in line with its investment criteria to acquire real estate with potential for market value appreciation.
