UOA REIT gets RM86m offer for Wisma UOA

KUALA LUMPUR: UOA Asset Management Sdn Bhd, the manager of UOA Real Estate Investment Trust (UOA REIT), has received an offer from UOA Holdings Sdn Bhd for the sale of freehold land with a five-storey building in Jalan Pantai Jaya here to UOA REIT for RM86 million cash.

In a statement yesterday, UOA Asset Management said the sale of the property — known as Wisma UOA Pantai, on the land measuring 3,883 sq m — would be undertaken by UOA Holdings’ subsidiary, Magna Tiara Development Sdn Bhd.

It said the offer followed the rights of first refusal granted by UOA Holdings to UOA REIT to acquire suitable properties from the group. UOA REIT was suspended from trading from 10.44am yesterday, pending the release of the annoucement. It will resume trading today.

Wisma UOA Pantai which was completed in the second quarter of this year, has about 157,481 sq ft of lettable areas with 272 car park bays, and had been issued a certificate of fitness for occupation on July 9, 2007.

UOA Asset Management said the acquisition price of the property was based on a willing-buyer willing-seller basis after taking into consideration the market value of RM93.1 million, as appraised by an independent registered valuer in Sept 2007.

It added that further details of the proposed acquisition would be announced at a later date upon the execution of the sale and purchase agreement.

By The EDGE (By Ellina Badri)