Atrium Real Estate Investment Trust (Atrium REIT), via its trustee Pacific Trustee Berhad, entered into a conditional sale and purchase agreement with Amazing Blitz Sdn Bhd (ABSB) for the acquisition of industrial complex worth of RM41 million in Shah Alam.
In a Bursa listing today (Nov 2), Atrium REIT Managers Sdn Bhd (Manager), announced, on behalf of Atrium REIT that the trustee (Pacific Trustee) will be acquiring the property on the 24,295 sq m leasehold land within a prime and mature industrial estate on behalf of Atrium REIT.
The property’s gross floor area is 6,478 sq m (2), comprising of five single-storey factories and a double-storey office building, for office and and warehouse use.
“ABSB had previously acquired the subject property from Network Foods Industries Sdn Bhd, an indirect wholly-owned subsidiary
of Pan Malaysia Corporation Berhad (a company listed on the Main Market of Bursa Malaysia Securities Berhad, via the sale and purchase agreement dated 7 November 2022 for a total cash consideration of RM41 million.
“This is equivalent to the purchase consideration under the current proposed acquisition. The previous acquisition was announced on Bursa Securities on 7 November 2022 and completed on 30 August 2023,” it said.
It said the property is surrounded by a mixture of residential, commercial and industrial developments and located near ICity Shah Alam.
“It is also located directly beside Atrium REIT’s existing property, Atrium Shah Alam 4, which is tenanted to an established multinational logistics company.
“As it is strategically located, the Manager believes that the proposed Acquisition will both complement and enhance the property portfolio of Atrium REIT,” it said.
It said that Atrium REIT’s upon completion of the proposed acquisition, Atrium REIT’s total asset value will increase by approximately 6.51% to approximately RM670.52 million from RM629.52 million as at 30 September 2023.
The property will be acquired free from all encumbrances and on an “as is, where is” basis, and subject to all conditions of title (whether expressed or implied).
Laurel Cap Sdn Bhd is the independent valuer, valuing the property to be RM41,500,000 (based on income approach) while Strategic Capital Advisory Sdn Bhd (SCA) has been appointed as the independent adviser.
Barring any unforeseen circumstances and subject to all required approvals being obtained, Atrium REIT expects the Proposed Acquisition to be completed by the first half of 2024.
