The proceeds will be utilised to fully refinance the MTNs issued under the Tranche 1 Series 1 of the unrated MTN programme of up to RM950 million, and the existing term loan facility granted by Public Bank Bhd in favour of AmanahRaya REIT vide Pacific Trustees Bhd.
The programme will have a perpetual tenure and allows for the issuance of medium-term notes of up to RM2 billion.
The 21-storey property has remained vacant since 2018, marking the revival of a key hospitality asset in Kedah.
Upon completion, the property will be leased back to the seller, Alpha Express, under a 10-year triple net lease at RM195,000 per month, subject to rent reversion for each renewal term.
“Mohd Iskandar brings extensive expertise in corporate strategy, risk management, financial planning and property investment management across multiple sectors.
The purchaser, 4X Software Sdn Bhd, was unable to fulfill the stipulated condition precedent within the agreed timeline, which ended on Dec 26, 2024, according to AmanahRaya Kenedix REIT Manager Sdn Bhd, the REIT’s manager.
Mohd Iskandar Dzulkarnain Ramli is currently the group chief corporate services officer of AmanahRaya Bhd, a role he assumed since May 2023.
The property, located within Subang Jaya in USJ1, boasts a 12-storey purpose-built building fitted for educational purposes, held under a freehold tenure.
The building, which AmanahRaya REIT has owned for almost eight years, is a four-storey purpose-built office building with one basement level.
AmanahRaya REIT has previously announced a decision to fully divest from the hospitality sector as part of ongoing initiatives to optimise its portfolio by acquiring high-yielding assets and divesting non-core assets.
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