KUALA LUMPUR: Guocoland (Malaysia) Bhd’s subsidiary DC Offices Sdn Bhd is disposing Menara Guoco in Damansara Heights to Tower Real Estate Investment Trust (Tower REIT) for RM242.1 million. “The proceeds from the proposed disposal will provide Guocoland Group with the necessary funds for existing working capital requirements,” it added. In a separate statement, Tower REIT said the purchase consideration would be fully funded via debt financing. “The proposed acquisition is in line with the objective of the manager to grow the distributable income of Tower REIT. “It also provides its unitholders with regular and stable income distributions by expanding its existing portfolio of real estate to include quality properties with stable recurring income,” it added.

Source: New Strait Times March 02, 2020 10:30 UTC