AME Real Estate Investment Trust has fully concluded its maiden post-listing acquisition exercise of 3 industrial properties in Iskandar Malaysia, for RM26.5 million.
The REIT firm said the completion of the acquisition today (16 Oct) was ahead of the earlier estimated timeline of the first quarter of 2024, following the construction completion by the Sponsor, the issuance of the Certificate of Completion and Compliance by regulatory authorities, and the rental commencement of the lease. The 98,249 sq ft property has been fully leased to HQPack Sdn Bhd, its sixth facility in i-Park @ Indahpura, for a 10-year term with an option to renew for a further 3 years.
With the acquisition, AME REIT’s properties under management have risen to RM668.0 million, consisting of 34 industrial properties with an agreed lettable area of approximately 1.9 million sq ft and 3 industrial-related properties of workers’ dormitories.
AME REIT’s properties are situated mainly across 3 industrial parks in Iskandar Malaysia that are developed by the Sponsor, namely i-Park @ Indahpura in Kulai, the i-Park @ Senai Airport City in Senai, and i-Park @ SILC in Iskandar Puteri. Multinational corporations occupy approximately 98% of the net lettable area of the industrial properties.
