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 yesterday, AME-REIT said the properties are strategically located within one of the main development corridors of Iskandar Malaysia, a key regional growth centre in South Peninsular Malaysia, adjacent to Singapore.
“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,” it noted.
AME-REIT said the related party transaction is in line with its investment criteria to acquire real estate with potential for market value appreciation.
