Kuala Lumpur, Jan 24: AmanahRaya Kenedix REIT Manager Sdn. Bhd. (AKRM), the manager of AmanahRaya Real Estate Investment Trust (AmanahRaya REIT), has announced the termination of the Sale and Purchase Agreement (SPA) dated 26 June 2024.
The agreement, entered into between its Trustee, Pacific Trustees Berhad (Vendor), and 4x Software Sdn. Bhd. (Purchaser), pertained to the proposed sale of the Contraves Building in Cyberjaya.
Valued at RM42.5 million, the property was expected to contribute to AmanahRaya REIT’s strategic portfolio realignment.
The SPA was terminated as the Purchaser was unable to fulfil the stipulated Condition Precedent (CP) within the agreed period, which ended on 26 December 2024.
According to the management, this termination has no material impact on the Trust’s performance as of 31 December 2024.
The Management of AmanahRaya Kenedix REIT Manager Sdn. Bhd. stated, “The termination of the SPA for Contraves Building was not taken lightly as it reflects ARREIT’s responsibility 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 line with this development, AmanahRaya REIT has also announced that it is in the process of acquiring a sustainable asset to improve the distribution per unit (DPU).
This proactive approach highlights AmanahRaya REIT’s focus on optimizing its portfolio and delivering superior value to unitholders.
By emphasizing acquisitions that align with growth and sustainability objectives, AmanahRaya REIT continues to solidify its position as one of Malaysia’s leading real estate investment trusts.
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