PETALING JAYA: MISC Bhd
has extended its tenancy at Menara Dayabumi in Kuala Lumpur, where it has housed its corporate headquarters since 1999, under a 15-year agreement with Petroliam Nasional Bhd estimated at RM433mil.
In a filing with Bursa Malaysia, MISC said the tenancy comprises an initial three-year term with automatic renewals of four consecutive three-year terms.
“The rental rate was negotiated between both parties and benchmarked against an independent valuation by IM Global Property Consultants Sdn Bhd.”
It said rates for the initial and second terms are fixed, while subsequent rates will be based on prevailing market levels as determined by an independent valuer and agreed upon by both parties.
“The effective gross rental rate of the first two terms is within the range of gross market rental rates of comparable office buildings,” it added.
