AmanahRaya sells Kontena Nasional warehouse for RM34m

PETALING JAYA: AmanahRaya Real Estate Investment Trust (ARREIT) has sold its warehouse complex in Port Klang currently leased to Kontena Nasional Bhd for RM34 million.
The buyer, Noble Perspective Sdn Bhd, plans to terminate the lease agreement entered by Kontena Nasional with ARREIT back in 2010.
The warehouse complex known as Kontena Nasional Distribution Centre 11, which is located just 1km away from Northport and 20kms from Westport, caters to the small medium industries, halal and third-party logistics players.
ARRIET said it will gain RM1 million from the sale whereby the proceeds will be redeployed for more yield and value accretive properties.
"The proposed disposal also enables ARREIT to release the value of its investments in the said property at a consideration above market value," it said.
The disposal, which will contribute positively to ARRIET earnings for the financial year ending Dec 31 2015, is expected to complete by mid 2015.