AME REIT posts slight rise in 4Q property income, to pay 1.83 sen per unit
NPI for the fourth quarter ended March 31, 2024 (4QFY2025) rose 1.
NPI for the fourth quarter ended March 31, 2024 (4QFY2025) rose 1.
The property is currently Parkway Life Malaysia’s sole asset and contributes 0.
The company said revenue rose 61.
Paradigm REIT is set to be listed with 1.
Distributable income climbed 10.
As part of the proposed listing of Paradigm REIT, shareholders also approved the proposed disposal of three prime retail properties — Bukit Tinggi Shopping Centre (BTSC), Paradigm Mall Petaling Jaya (PMPJ) and Paradigm Mall Johor Bahru (PMJB) — to Paradigm REIT for RM2.
The four properties are KIPMall Desa Coalfields in Kuala Selangor at RM62 million, the Lotus’s Indera Mahkota hypermarket in Kuantan at RM39 million, along with three units of double-storey shop offices worth RM12 million, and a double-storey commercial building worth RM5 million, also located in Kuantan.
The disposal is expected to unlock the value of the assets while allowing KPJ to retain operational control through a leaseback structure.
AME Elite plans to allocate the majority of the proceeds towards further development of i-TechValley, as well as other industrial property projects and investments.
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.