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Old February 3rd, 2010, 08:16 PM   #21
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PNB buys Kenanga building for RM250m
By Vasantha Ganesan
Published: 2009/12/21

Permodalan Nasional Bhd has purchased the 22-storey Kenanga International Building in Kuala Lumpur from Injaz AsiaEquity Property

Permodalan Nasional Bhd (PNB) has bought the Kenanga International Building on Jalan Sultan Ismail, Kuala Lumpur, for an estimated RM250 million, sources say.

The 22-storey commercial building with a three-and-a-half- storey annexed podium block was purchased from Injaz AsiaEquity Property Bhd.

Injaz AsiaEquity was jointly set up by Middle East Injaz Mena Investment Co and Singapore-based AsiaEquity Partners Inc.

"The acquisition by PNB was completed on Thursday (December 17)," a source told Business Times.

Another source said that the building was sold for about RM700 per sq ft.

Based on reports, the building is said to have a net lettable area of 297,522 sq ft and sits on 6,804 sq m of land. However, under a planned refurbishment and upgrading exercise, the building will have an additional lettable area of 70,000 sq ft. This will translate into some RM250 million.

PNB did not respond to Business Times' query.

In September 2008, Tower Real Estate Investment Trusts (Tower REIT) said that it had planned to buy Kenanga International Building for RM157.5 million. This deal, which works out to around RM550 per sq ft, was not completed as some conditions were
not met.

Sources say PNB is paying more for the deal because of the upgrading work.

According to Kenanga International's website, the upgrade is in the final phase and will be completed by December 31 2009. The building will house an executive lounge, a new secondary lobby and a swimming pool.

In June 2007, K&N Kenanga Bhd sold the building to Injaz AsiaEquity for RM165 million.

Meanwhile, three years ago, PNB bought the 35-storey Bangunan MAS on Jalan Sultan Ismail located across Kenanga International Building for RM130 million.

PNB has indicated that it plans to convert Bangunan MAS into a business or five-star hotel and to demolish the podium next to it for a luxury serviced apartment tower. The hotel and apartments would be worth a combined RM1 billion.
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