KUALA LUMPUR: AmanahRaya Real Estate Investment Trust (REIT) has proposed to sell a piece of freehold land in Shah Alam to Nippon Express (M) Sdn Bhd for RM105 million.

AmanahRaya REIT said proceeds from the disposal will be used to partly settle existing loans from Affin Bank Bhd.

The balance of the proceeds will be used for working capital or to part finance the group’s future potential acquisition, the group said in a filing with Bursa Malaysia.

AmanahRaya REIT said the disposal consideration was derived on a willing buyer-willing seller basis after taking into account the total market value of the land of RM102 million, as appraised by an independent valuer.

The valuation, which was conducted in November, was derived using the cost and comparison methods of valuation.

This article first appeared in The Edge Financial Daily, on Dec 15, 2017.

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