AmFirst to buy Mydin in Penang for RM250m
16 Apr 2015 / 05:36 H.
PETALING JAYA: AmFirst Real Estate Investment Trust has proposed to buy Mydin Hypermall in Bukit Mertajam, Penang for RM250 million. It told Bursa Malaysia that the acquisition will provide unitholders with regular and stable income distribution and to achieve long term growth in the net asset value through acquisition of high quality and yield accretive properties.
The acquisition will be funded by bank borrowings. The vendor Mydin Wholesale Cash and Carry Sdn Bhd is in the midst of completing the construction of the mall, which has a net lettable area of 536,507 square feet.