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Old April 22nd, 2015, 03:48 PM   #1
davidwsk
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Join Date: Feb 2006
Location: Kuala Lumpur
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MENARA ING | Kuala Lumpur (Jalan Raja Chulan) | 20 fl | Completed

Menara ING to be converted to Holiday Inn Express



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Quote:
Tower REIT to gain RM40.4m from Menara ING sale

Monday, 29 December 2014


KUALA LUMPUR: Tower Real Estate Investment Trust (REIT) expects to realise a gain of RM40.40mil from the sale of Menara ING here to Goldstone Kuala Lumpur Sdn Bhd.

GLM REIT Management Sdn Bhd, the manager of Tower REIT, said on Monday that of the RM40.40mil, about RM15.04mil had been recognised as fair value gains in the prior years.

AmTrustee Bhd, the trustee of Tower REIT, had signed a sale and purchase agreement with Goldstone Kuala Lumpur for the proposed sale of the property which includes 19 office parcels and 190 car park bays.

“The proposed disposal will have a favourable impact on the net gearing of the trust. Based on the net asset value (NAV) per unit of the trust as at Sept 30, 2014 of RM1.7948, the proposed disposal is expected to result in an increase in the NAV per unit by approximately 5%,” it said.

The proposed disposal would enable the Trust to realise its investment in the property at an attractive price.


“Proceeds from the proposed disposal will be used to repay bank borrowings and will enable the manager to pursue acquisition opportunities to grow the Trust,” AmTrustee said.
http://www.thestar.com.my/Business/B...ale/?style=biz
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