Al Aqar REIT in deal to sell Ho­tel Se­lesa, of­fice block for RM100m

The Sun (Malaysia) - - SUNBIZ -

PETAL­ING JAYA: Da­mansara REIT Man­agers Sdn Bhd, the man­ager of Al-`Aqar Health­care REIT, has en­tered into a sale and pur­chase agree­ment with Op­ti­mum Im­press Sdn Bhd to sell a freehold land with an in­te­grated com­mer­cial de­vel­op­ment com­pris­ing a 27-storey ho­tel, known as Ho­tel Se­lesa and a 31-storey of­fice block with base­ment and el­e­vated car parks, for RM100 mil­lion cash. The pro­posed dis­posal will en­able Al-`Aqar to re­alise the value of its in­vest­ment in Ho­tel Se­lesa Tower and use pro­ceeds for the re­pay­ment of bank bor­row­ings, work­ing cap­i­tal and/or fu­ture ac­qui­si­tion.

The dis­posal price was ar­rived at on a “will­ing-buyer will­ing-seller” ba­sis, af­ter tak­ing into con­sid­er­a­tion the val­u­a­tion of Se­lesa Tower of RM100 mil­lion as val­ued by Messrs Che­ston In­ter­na­tional (KL) Sdn Bhd, the in­de­pen­dent val­uer, vide its val­u­a­tion re­port dated Oct 11, 2016 based on the prof­its and com­par­i­son method for Ho­tel Se­lesa and in­vest­ment and com­par­i­son method for Metropo­lis Tower.

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