AmanahRaya REIT has entered into a sale and purchase agreement with 4X Software Sdn Bhd to dispose its office building known as Contraves Building in Cyberjaya, for RM42.5 million.
The property is a freehold, four-storey purpose-built office building with one basement level and a gross built-up area of 93,804 square feet. The disposal is part of the managers portfolio adjustment exercise to focus on education, industrial, and wellness properties while reducing its office assets.
The firm said with a total investment cost of RM40 million, the sale of the office building was a value-unlocking exercise, allowing it to achieve a disposal gain of RM2.5million.
YM Tunku Rozita, Managing Director of AmanahRaya REIT said: “The decision to divest is aligned with AmanahRaya REIT’s strategic vision and ongoing efforts to streamline its asset base. Considering the favorable pricing of this asset sale, we view this as an opportune moment to divest and reallocate capital into properties that will enhance yields.
Based on the revaluation exercise as of 31 December 2023, the asset was valued at RM42.5m by an independent valuer.
