Hektar-REIT seals RM30mil industrial acquisition

Hektar Asset Management executive director and chief executive officer Zainal Iskandar Ismail.

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.