KUALA LUMPUR, Dec 27 (Bernama) -- Atrium Real Estate Investment Trust (Atrium REIT) is acquiring 2.83 hectares of industrial land in Shah Alam, which includes a factory and an office building, from Permodalan Permodalan Nasional Bhd (PNB) for RM45 million.
Pacific Trustees Bhd, which is Atrium REIT's trustee, today inked a conditional agreement with PNB for the purchase, said Atrium REIT Managers Sdn Bhd.
"The property is located in Section 16, Shah Alam, a prime and mature industrial estate with various businesses and multinational firms located within close proximity.
“The acquisition will also strengthen Atrium REIT’s position as a sizeable REIT, as the net lettable area of Atrium REIT will increase by 167,431 sq feet from the existing size of 1.29 million sq feet to 1.46 ,million sq feet on completion of the acquisition,” it said in a filing with Bursa Malaysia.
The REIT's total asset value will also increase 9.9 per cent from about RM371.9 million as at Sept 30 to about RM408.7 million.
Atrium REIT Managers is currently negotiating with potential tenants on the tenancy terms to lease the property.
The company said it expected the lease agreement with the identified potential tenant to be executed prior to the completion of the proposed purchase, anticipated by the second quarter of 2020.
Atrium REIT, PNB, Property, Acquisition, Shah Alam