MTrustee Bhd, acting on behalf of Hektar REIT, has entered into an agreement with Wan Realty Sdn Bhd and Darul Modal Sdn Bhd for the acquisition, valued at RM26 million, according to a bourse filing on Tuesday.
The REIT is eyeing assets with medium- to long-term leases, triple net lease structures (where tenants cover taxes, insurance and maintenance), and at least a 6.
The initiative is projected to result in long-term savings of approximately RM41.
The acquisition brings Hektar REIT’s portfolio to eight properties, which currently include shopping malls and an educational facility.
Johari, 52, has decided to step down to pursue new opportunities after holding the CEO post for two years.
Hektar MTN Satu is a special purpose entity incorporated to raise financing on behalf of Hektar REIT.
In a bourse filing on Wednesday, Hektar REIT said Ong acquired 42.
Hektar Asset Management executive director and chief executive officer (CEO) Johari Shukri Jamil said: Hektar REIT’s malls, strategically positioned as neighbourhood and community hubs, have been the focal point of our success.
The installation initiative stems from a collaboration between Hektar Asset Management Sdn Bhd, manager of Hektar REIT, and GMA Resources.
The buildings it is acquiring include academic blocks, a great hall, staff and student accommodation, and sports and other facilities.
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