KPS acquiring Wisma SAP

KUALA LUMPUR: Kumpulan Perangsang Selangor Bhd (KPS) has entered into a sales and purchase agreement with SAP Holdings Bhd, a wholly-owned subsidiary of Kumpulan Hartanah Selangor Bhd (KHSB), to acquire Wisma SAP for RM7 million on March 15.

The 3-storey building in Bandar Baru Selayang, Selangor sits on a leasehold land expiring in 2091 and is currently tenanted to Lembaga Pemasaran Pertanian Persekutuan (FAMA). The lease with a monthly rent of about RM56,880 (an estimated yield of 9.7% per annum) will expire in October 2011 with an option to renew for another three years.

The proposed acquisition is expected to be completed by 4Q 2010.