REIT Management Sdn Bhd, the manager of Tower REIT announced that Tower REIT would acquire the RM78 million junior bonds, which were issued by Injaz AsiaEquity Property under an asset securitisation exercise, for a total consideration of RM157.5 million. It will also acquire a call option for RM1 and the Kenanga International building for RM120 million.

Description Of the to be acquired building:

• Kenanga International sits on a parcel of freehold land measuring about 6,704 sq metres,
• Is a 22-storey commercial building with three-and -half storey annexed podium block and six split level car park decks
• Has a total net lettable area of about 297,511 sq feet (2.76 hectares).

REIT said the property was currently undergoing refurbishment and upgrading works, after which it would have additional lettable area of about 70,000 sq feet.

(Source: The EdgeDaily 25-9-08)

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