Hektar REIT Listing Soon
Another REIT looks set to be listed after getting the approval by the Securities Commission (SC). The properties under this REIT include Subang Parade in Selangor and Mahkota Parade in Melaka.
Some of the key points made in the announcement to the press last week were:
- The Hektar REIT was expected to be listed on the Main Board by year-end.
- The combined property value is RM523 million, the total net lettable area is 957,025 sq ft as at May 2006.
- Subang Parade was acquired for RM223 million in August 2003 and Mahkota Parade was purchased for RM146 million in April 2004.
- The two companies injected into the REIT comprises of Hektar Premier Sdn Bhd and Hektar Black Sdn Bhd, which fully owns and manages Subang Parade and Mahkota Parade respectively.
- Another company, Hektar Klasik Sdn Bhd, owns a piece of land in Nusajaya, Johor, which would be developed into a shopping centre. Planned net lettable area would be one million square feet.
More news on this new REIT soon.
