UNITED Overseas Australia through its subsidiary Magna Tiara Development has sold an office building in Malaysia to the UOA REIT for $28 million.
The UOA Panta development was completed in July 2007. The five level building comprises two mezzanine floors and three levels of basement car parking, and leased to prime tenants including the Malaysian Government Agencies.
The purchase is being made under an agreement whereby UOA REIT has the first right of refusal to purchase suitable properties developed by the UOA.
UOA holds approximately 45% of the equity in UOA REIT.
UOA REIT has indicated that this offer will be accepted, subject to the agreement of the trustee of UOA REIT and it will enter into a sale and purchase agreement for the transaction.
The sale will generate in excess of $15 Million profit to the UOA and this will be reflected in the group’s financial results to December 31 2007.
Australian Property Journal
