KUALA LUMPUR: Hektar Real Estate Investment Trust
(Hektar REIT) has completed the acquisition of its first industrial asset, a light industrial property in the Bayan Lepas Free Industrial Zone, Penang, for RM30mil.
In a statement, Hektar REIT said the acquisition was completed at a 9.1% discount to the property's independently assessed market value and is expected to deliver an initial yield of 7.5% under a 15-year triple net lease with fixed rental escalations.
It said the acquisition marks its strategic expansion into the industrial sector, diversifying its portfolio beyond retail assets while strengthening its exposure to the semiconductor and advanced manufacturing supply chain.
The latest acquisition brings its portfolio to eight properties, comprising shopping malls, a private school and its first industrial asset.
Hektar Asset Management executive director and chief executive officer Zainal Iskandar Ismail said the acquisition marked a significant milestone for Hektar REIT, reflecting its disciplined approach to capital allocation and commitment to building a more resilient and diversified portfolio capable of generating sustainable returns for unitholders.
“While the process took longer than anticipated due to regulatory approvals, we are confident that the strategic and financial merits of this asset fully justify the investment. We remain focused on identifying further opportunities in high-growth, non-retail sectors that complement our existing portfolio.”
