24 June 2014

AmFirst REIT to add new properties

  24 June 2014


KUALA LUMPUR: AmFirst Real Estate Investment Trust (AmFirst REIT) is looking for new properties to add to its investment portfolio, said head investment, Panneer Selvam.

He said as one of the largest commercial space real estate investment trusts in Malaysia, AmFirst REIT was currently eyeing two properties, one in the Klang Valley and another elsewhere.

Panneer, however, did not elaborate.

He said the properties, a mixture of shopping malls and offices, were valued at RM250 million.

“These are medium-sized properties and we are still at a preliminary stage.

We have sent our criteria to the property owners and will see if they meet our benchmark.

“If the properties do not meet our benchmark, which are yield-accretive and have good capital value, we may not proceed,” he told a media briefing after the company’s annual general meeting here today.

The process would take between six and nine months time, he said.

Meanwhile, AmFirst REIT today received shareholders’ nod to allot and issue new units of up to 20 per cent of existing fund size from 686.40 million units to 823.68 million units.

From the exercise, it would receive RM140 million, to be added to the current RM400 million that it has in hand.

AmFirst REIT, which has been listed on Bursa Malaysia since December 21, 2006, now has nine properties worth RM1.3 billion under its portfolio.

They are Bangunan AmBank Group, AmBank Group Leadership Centre, Menara AmFIRST REIT, Menara AmBank, Wisma AmFIRST, The Summit Subang USJ, Prima 9, Prima 10 and Jaya 99.

~ By BUSINESS TIMES

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