Hektar REIT completes Penang industrial acquisition and lease

PETALING JAYA (July 8): Hektar Real Estate Investment Trust (Hektar REIT) has completed the acquisition and lease of a leasehold industrial property in Penang following fulfilment of the conditions precedent and satisfaction of the purchase consideration, according to a Bursa Malaysia filing.

It said in a Bursa Malaysia filing that the proposed acquisition and lease were first announced on Feb 19, 2025. Hektar REIT said completion is deemed to have taken place on July 8, 2026 after all conditions under the sale and purchase agreement were fulfilled and the purchase consideration was satisfied.

The property comprises a parcel of leasehold land under PN 5908, Lot 14840, Mukim 12, District of Barat Daya, State of Pulau Pinang, measuring about 7,657 sq m and developed with factory buildings for industrial, warehousing and office space purposes. The transaction is classified as a non‑related party transaction under Chapter 10 of Bursa Malaysia’s Main Market Listing Requirements.

The latest announcement confirms completion of the previously proposed acquisition and lease. Details of the commercial rationale, laease terms and financial effects were disclosed in the February 2025 announcement.

..........

Read about emerging trends, data-backed insights, growing subsectors, and expert commentaries in EdgeProp print. Subscribe now for your free copy!