CapitaLand Malaysia Trust (CLMT) on Monday (May 15) said its trustee MTrustee has entered into a sale and purchase agreement to acquire a freehold logistics warehouse in Malaysia for RM39.7 million (S$11.8 million).
The price of the property was negotiated on a willing-buyer willing-seller basis, and is in line with the property’s independent market valuation of RM40.4 million that was commissioned by CLMT’s trustee. The completion of the acquisition is expected to take place in the second half of 2023, CLMT announced in a bourse filing on Monday.
The logistics property is a single-storey detached warehouse with an annexed three-storey office building and a built-up area of 84,755 square feet (sq ft). The property is located at the Hicom Glenmarie Industrial Park in Shah Alam, Selangor.
The seller of the property is Cynnyx, a company incorporated in Malaysia that is principally involved in investment holding.
This acquisition is CMLT’s second venture into logistics properties. The trust acquired its first in June last year, when it entered into a sale-and-purchase agreement to acquire two contiguous plots of freehold land and their industrial properties in Penang’s Sungai Jawi district for RM80 million.
CapitaLand Malaysia Reit Management (CMRM), the manager of CLMT, has executed a letter of offer with a “reputable international luxury fashion retailer” to fully lease the Shah Alam building for 10 years.
Source: The Business Times