UOA REIT may buy 2 buildings for RM500m

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KUALA LUMPUR: UOA Real Estate Investment Fund’s  (UOA REIT) manager UOA Asset Management Sdn Bhd is considering injecting into the REIT two properties here belonging to UOA Holdings Sdn Bhd for a total of RM500 million.

In a statement yesterday, UOA Asset Management said it had received offers for sale from UOA Holdings, a substantial holder of the REIT, of Tower Block B at Menara UOA Bangsar and a piece of land with an office building Wisma UOA Damansara II for RM289 million and RM211 million, respectively.

The manager said the acquisition, pursuant to the right of first refusal granted by UOA Holdings, would be satisfied via a combination of cash and REIT units. The offers are subject to a due diligence prior to the signing of the definitive agreements.

This article appeared in The Edge Financial Daily, March 09, 2010.