Atrium REIT buys Shah Alam factory from PNB for RM45m

KUALA LUMPUR (Dec 28): Atrium Real Estate Investment Trust (Atrium REIT) has acquired a factory building in Shah Alam from Permodalan Nasional Bhd (PNB) for RM45 million cash.

The single-storey factory building and ancillary area including a single-storey office cum canteen, is located at Persiaran Raja Muda in Section 16 of the Selangor capital.

The purchase will be funded via 20% internally-generated funds and 80% borrowing, Atrium REIT said in a filing with Bursa Malaysia.

“The manager is currently negotiating with the potential tenants on the tenancy terms to lease the property. The manager expects the lease agreement with the identified potential tenant to be executed, prior to completion of the proposed acquisition,” Atrium REIT said.

It further said the purchase consideration represents a discount of RM800,000 or 1.75% to the property’s appraised market value of RM45.8 million.

Atrium REIT’s share price closed unchanged at RM1.05 per unit yesterday, for a market capitalisation of RM214.86 million.

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