CIMB-Mapletree Management completes acquisition of Patimas’ HQ

KUALA LUMPUR: CIMB-Mapletree Management Sdn Bhd (CMM) has completed the acquisition of Patimas Computers Bhd’s headquarters building for RM60 million.

The property, located in Technology Park Malaysia (TPM), Bukit Jalil, comprises a 2-storey purposed built Grade A office building with a gross area of 138,000 sq ft.

Patimas will continue to lease and utilise the building as its headquarters over a period of 12 years, with an option for an extension, CIMB Group said in a statement.

This purchase represents the fourth commercial property to be acquired by CMREF 1 Sdn Bhd – a Malaysian-focused private closed-end real estate fund that is managed by CMM, a joint-venture between CIMB Group and Mapletree Investments Pte Ltd of Singapore. Investors in CMREF 1 include pension funds, institutions and foreign sovereign wealth funds.

“This acquisition represents another sound investment for CMREF 1," said Raja Noorma Othman, chief executive officer of CMM on Oct 22.

“The purchase of Patimas’ headquarters will provide recurring rental income with potential for capital appreciation in the future. At the property level, the acquisition generates an existing yield of 8%. Furthermore, TPM is a hidden gem – it has managed to stay off the radar screen in spite of being superbly located, well planned and managed with excellent infrastructure.”

The Patimas Group is principally involved in the information communications technology field, providing a broad range of ICT solutions and products, CIMB Group said.

Due to attractive business opportunities in the international market, Patimas has been actively venturing its activities abroad, namely in Vietnam, Pakistan, Bangladesh and Sri Lanka.

The completion of the sale is seen as timely as it will allow Patimas to employ the sale proceeds for its overseas expansion and improve its capital management efficiency. -- Bernama