KUALA LUMPUR: UOA Real Estate Investment Trust (UOA REIT) has proposed to acquire UOA Corporate Tower in Bangsar South here for RM700 million cash.
In a filing with Bursa Malaysia, UOA REIT said the 38-storey office building with a penthouse level had a market value of RM718 million and the proposed purchase was in line with its acquisition strategy to acquire and invest in properties that were able to contribute to the long-term growth of its distribution per unit and/or net asset value per unit.
“The acquisition strategy includes acquiring a property that is strategically located as well as has a high occupancy rate and diverse tenant mix,” it said.
UOA REIT added that to fund the purchase, it planned to raise RM280 million via private placement at an issue price to be determined later by the board.
UOA Corporate Tower is indirectly owned by UOA Development Bhd via Distinctive Acres Sdn Bhd. -Bernama
