UOA REIT To Buy Corporate Tower for RM700 M (US$168.23 M)
September 29, 2020 – The trustee of UOA Real Estate Investment Trust has entered into a conditional sale and purchase agreement with UOA Development Bhd’s unit Distinctive Acres Sdn Bhd for the proposed acquisition of UOA Corporate Tower for RM700 million (US$168.23 million) cash.
To help fund the related-party transaction, the REIT’s management has proposed a private placement to raise proceeds of up to RM280 million for a yet-to-be-determined price and number of placement units.
In addition to the proceeds from the proposed private placement, funding for the acquisition will be raised from the REIT’s debt programme, which entails a five-year RM422 million revolving credit facility.
Read more here..
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