Centurion disposes of two Malaysian assets for RM227 mil

• The agreements involve two of Centurion’s Malaysian assets, Westlite Dormitory (Bukit Minyak) Sdn Bhd and Westlite Dormitory (Tampoi) Sdn Bhd.

SINGAPORE (Dec 4): Centurion has entered into sale and leaseback agreements with Kumpulan Wang Persaraan (Diperbadankan) or KWAP, Malaysia’s public sector pension fund.

The agreements involve two of Centurion’s Malaysian assets, Westlite Dormitory (Bukit Minyak) Sdn Bhd and Westlite Dormitory (Tampoi) Sdn Bhd.

On Monday, Centurion announced that the two indirect wholly-owned subsidiaries had entered into sale and purchase agreements with KWAP. The properties will be purchased by KWAP for a cash consideration of RM227.0 million ($$65.2 million). The consideration for Westlite Bukit Minyak is RM81 million while the sum for Westlite Tampoi is RM146 million.

The market value of the properties is RM227.0 million based on a valuation report by Savills Malaysia.

The report was commissioned by Centurion Dormitories Sdn Bhd (CDSB) and is based on the income approach taking into account the 15-year master lease of the properties....(click here for the full story on theedgesingapore.com).

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