The purchase consideration is at a discount to the independent market valuation of RM72.5 million commissioned by MTrustee Berhad (the trustee for CLMT). The construction of the properties is scheduled to be completed in the first quarter of 2025. CLMT will also enter into a long-term lease agreement of seven years with a tenant for one of the three properties. The lease comes with built-in rent escalations and is expected to provide income stability to CLMT’s portfolio.
The manager of CapitaLand Malaysia Trust (CLMT), a wholly-owned subsidiary of CapitaLand Investment, has signed an agreement to acquire three freehold industrial properties from Rainbow Entity, a subsidiary of Bursa-listed Gromutual Berhad, for RM72.0 million ($22.0 million). The properties are located within Senai Airport City (SAC), a modern industrial and manufacturing hub in the Senai region within the Johor-Singapore Special Economic Zone (Johor-Singapore SEZ).
With a collective built-up area of 183,785 sq ft, the properties consist of three single-storey detached factories, each annexed with a two-storey office block.
