PETALING JAYA: Capitaland Malaysia Trust
(CLMT) is disposing of its 3 Damansara office tower in Petaling Jaya to Lagenda Properties Bhd for RM52mil.
In a filing with Bursa Malaysia, CLMT said the disposal is in line with its objective to deliver long term and sustainable distribution of income to unitholders by proactively reviewing the best use of each asset, in terms of value and yield, under various market cycles.
“The proposed disposal is also in line with the manager’s portfolio reconstitution strategy to rejuvenate CLMT’s portfolio and focus on retail and logistics assets.
“The manager is of the view that it is an opportune time to divest the property with the disposal price above valuation.”
CLMT said the proposed disposal will provide the company with financial flexibility to pursue yield accretive investments in the logistics sector.
“The net proceeds from the proposed disposal, after deducting all fees and expenses, will be utilised to repay existing borrowings and is expected to be utilised within 12 months from the completion date.”
The property is a 12-storey office building that forms part of an integrated commercial development, which also includes a four-storey shopping mall, together with its car park components known as “3 Damansara” (retail mall) and the residential tower together with its car park components known as “the Tropics,” said CLMT.
