AmanahRaya Kenedix REIT Manager Sdn. Bhd. (AKRM), the manager of AmanahRaya Real Estate Investment Trust (AmanahRaya REIT) announced the termination of the Sale and Purchase Agreement (SPA) dated 26 June 2024, which was entered into between its Trustee, Pacific Trustees Berhad (Vendor) and 4x Software Sdn. Bhd. (Purchaser) for the proposed sale of the Contraves Building in Cyberjaya. The property, valued at RM42.5 million, was intended to contribute to AmanahRaya REIT’s strategic portfolio realignment.
The termination arose after the Purchaser was unable to fulfil the stipulated Condition Precedent (CP) within the agreed CP’s period, which ended on 26 December 2024. There is no material impact on the Trust’s performance as of 31 December 2024.
The Management of AmanahRaya Kenedix REIT Manager Sdn. Bhd., being the Manager of the Trust, said ‘The termination of the SPA for Contraves Building was not taken lightly as it reflects ARREIT’s reponsibility to act in the best interest of its unitholders and to prioritize strategic growth in alignment with market dynamics. We remain committed to pursuing opportunities that enhance portfolio value and support sustainable growth.’
In tandem with this announcement, AmanahRaya REIT is pleased to share that it is in the midst of acquiring a sustainable asset to improve the DPU.
This proactive approach underscores AmanahRaya REIT’s dedication to optimizing its portfolio and delivering superior value to its unitholders. By focusing on acquisitions that support growth and sustainability, AmanahRaya REIT continues to strengthen its position as a leading real estate investment trust in Malaysia.
