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.
“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.
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