AmFIRST Real Estate Investment Trust (AmFIRST REIT) has secured approval from its non-interested unitholders for the proposed disposal of Menara AmBank to AmBank (M) Berhad for RM331 million in cash.
The approval was obtained at the REIT’s Extraordinary General Meeting (EGM) held today, paving the way for the completion of the transaction by the fourth quarter of 2026, barring unforeseen circumstances.
AmREIT Managers Sdn Bhd, the manager of AmFIRST REIT, said proceeds from the disposal would be used primarily for debt reduction, which is expected to lower financing costs and improve the trust’s gearing position.
The transaction forms part of AmFIRST REIT’s portfolio repositioning and capital recycling strategy, allowing the trust to unlock value from a mature office asset and strengthen its financial flexibility.
AmREIT Managers chief executive officer Chong Hong Chuon said the approval marked an important milestone in the trust’s portfolio optimisation strategy.
