Today's Pick (16/07/12/128/822) PHB buys office, retail buildings and carparks

PHB buys office, retail buildings and carparks

KUALA LUMPUR: Pelaburan Hartanah Bhd (PHB) has acquired three office buildings, two retail buildings and two levels of basement carparks in Peremba Square, Shah Alam, increasing the total value of its assets to about RM1.5bil.
PHB said in a statement yesterday that it had entered into a sale and purchase agreement (SPA) with Axaregal Sdn Bhd for the acquisition of assets in Peremba Square.
PHB said the office blocks were currently 90% occupied by local and international companies. At the time of the acquisition, Block D of Peremba Square was already under PHB’s list of properties. The agreement signed would see PHB owning 86% of Peremba Square (Block A, B, D, E, F and G). Meanwhile, Block C of Peremba Square is owned by another entity.

“The acquisition of Peremba Square is part of PHB’s ongoing activity to seek strategic real estate investments,” managing director and CEO Datuk Kamalul Arifin Othman said in the statement.

“We recognise the value that the property has to offer to PHB as a whole and to our Amanah Hartanah Bumiputera (AHB) Fund specifically.
“We believe that it will be an important and valuable asset that will provide continuous and stable rental income that will benefit our investors,” he said.
Kamalul said that with the latest addition (of assets), PHB’s total value of completed assets was beefed up to about RM1.5bil.
PHB is a subsidiary of Yayasan Amanah Hartanah Bumiputera, formed under Budget 2006 with an initial capital of RM2bil to promote bumiputra ownership of prime real estate.
To date, PHB’s ownership of other completed properties include Menara Bumiputra-Commerce in Jalan Raja Laut, CP Tower in Petaling Jaya, Wisma Consplant in Subang Jaya, Block D in Peremba Square, Tesco Setia Alam, Menara Prisma in Putrajaya, Logistics Warehouse in Shah Alam and DEMC Specialist Hospital.
Additionally, PHB also has two projects that are currently under development – a new 10-storey healthcare facility in Gleneagles Hospital Kuala Lumpur and an integrated commercial development known as Lot G in KL Sentral, consisting a seven-storey “green” lifestyle retail mall called Nu Sentral and a 27-storey office tower.

Source : The Star

Date : 13 July 2012

Today's Pick (16/07/12/128/822)