CapitaLand Malaysia REIT Management has entered into a sale and purchase agreement for the sale of 3 Damansara Office Tower to Lagenda Harta Sdn. Bhd., a wholly owned subsidiary of Lagenda Properties Berhad, for a sale consideration of RM52.0 million.
The Property is part of the 3 Damansara Property integrated development that was acquired by CapitaLand in 2015 it said the sale consideration of RM52 million represents a 4.0% premium to the property’s latest independent valuation of RM50 million as of 31 July 2023. Its net proceeds after divestment costs are approximately RM50.5 million and will be using it
to repay existing borrowings.
Mr Tan Choon Siang, CEO of CMRM, said: “CLMT’s maiden divestment is in line with our ongoing portfolio reconstitution strategy and we have decided to monetise this non-core office asset to improve the quality of our portfolio. The proceeds from this divestment will provide us with financial flexibility to enhance our portfolio diversification efforts and pursue higher-yielding opportunities in the new economy sectors.
The Proposed Divestment is expected to be completed by 1Q 2024. Upon completion, CLMT will own eight properties in Malaysia, comprising six retail and two logistics properties strategically located across three key urban centres in Penang, Klang Valley, and Pahang.
