Both REITs also announced that Antony Patrick Barragry, the former CEO of IGB REIT Management Sdn Bhd, the manager of the two REITs, is coming out of retirement to assume the role of acting CEO of IGB REIT Management, effective from Wednesday.
“Mohd Iskandar brings extensive expertise in corporate strategy, risk management, financial planning and property investment management across multiple sectors.
The group has inked a memorandum of understanding (MOU) with the building owner KIP Real Estate Investment Trust (KL:KIPREIT) for the refurbishment that is expected to boost the property's value, rental income and customer experience (March 5): AEON Co (M) Bhd (KL:AEON) announced on Wednesday that its Aeon Mall Kinta City in Perak will be expanded and upgraded in a bid to enhance its retail offerings.
The filing did not disclose the value of the retrofit works.
The initial property portfolio includes the Bukit Tinggi Shopping Centre, which will be acquired from Gemilang Waras Sdn Bhd, a wholly-owned unit of WCT, for RM680 million, with RM350 million settled in units and RM330 million in cash.
The disposal is expected to generate a net gain of RM9 million, which Axis REIT plans to fully distribute the sum.
The acquisition brings Hektar REIT’s portfolio to eight properties, which currently include shopping malls and an educational facility.
The REIT’s distributable income for 4QFY2024 stood at RM88.
HLIB also highlighted IOI Properties as an overlooked beneficiary of the Johor-Singapore Special Economic Zone (JS-SEZ), holding the largest landbank in Johor among developers, totalling 5,200 acres.
When the three properties are fully leased, CLMT is expected to generate an annual gross rent of RM5.
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