CapitaCommercial signs off on Malaysian office sale

CAPITACommercial Trust has sold a Malaysian office building, Wisma Technip to Quill Capita Trust for RM125 million.

CapitaCommercial Trust, owns a 30% stake in Quill Capita Trust. The proposed sale of the 12-storey building is in line with CCT’s strategic intent to invest and expand in Malaysia via Malaysian listed QCT, which is CCT’s long term investment vehicle for Malaysian commercial assets.

“From the business and strategic perspectives, it makes sense for us to sell Wisma Technip to QCT, and then expand our footprint in Malaysia through our continuing stake in QCT,” CCT’s chief executive David Tan said. “We will continue to look for opportunities in Singapore and abroad to add value to CCT’s portfolio with the objective of delivering long term and sustainable total returns to CCT’s unitholders.”

QCT has also announced the proposed conditional acquisition of the commercial shops leased to food and beverage and retail tenants and car park lots of Plaza Mont’ Kiara for a purchase consideration of RM90 million ($S40.4 million).

In addition, QCT announced a proposed placement to raise gross proceeds of up to RM377.2 million ($S169.3 million) to finance the proposed acquisitions of Wisma Technip and Plaza Mont’ Kiara, and for capital expenditure, working capital and repayment of future borrowings.

Australian Property Journal