News about reit

PHBAM, the wholly-owned subsidiary of Pelaburan Hartanah Bhd (PHB), is replacing Maybank Asset Management Sdn Bhd (MAM) as the manager for AHB fund.

YNH Property in January announced its plan to sell the seven-storey retail shopping centre to Sunway REIT for RM215 million in cash.

The building, which AmanahRaya REIT has owned for almost eight years, is a four-storey purpose-built office building with one basement level.

Johari, 52, has decided to step down to pursue new opportunities after holding the CEO post for two years.

The REIT may include retail complexes, office buildings, schools and a convention centre, S P Setia said in a statement.

MRMA was established in May 2010, as a collective representation of the Malaysian real estate investment sector and to establish an environment for more investments into high quality real estate in Malaysia.

The acquisition, which is the REIT's largest acquisition since its listing on the Main Market of Bursa Malaysia in 2017, is scheduled to be completed by the first quarter of 2025.

The acquisition of the service centres, one in Seksyen 51A of Petaling Jaya and another in Batu Caves in Gombak, is expected to generate a starting gross yield of about 6.

On prospects for the quarters ahead, KLCC Stapled Group said Suria KLCC maintains a positive outlook despite heightened competition, while Mandarin Oriental is strategically positioned to leverage the favourable economic climate, strengthening its collaboration with KLCC precinct partners.

Sentral REIT, which has 53% of its portfolio by valuation located in KL Sentral here, also has exposure in Cyberjaya (13% of portfolio) and Penang (6%).