Tower Real Estate Investment Trust (Tower REIT) is expanding its portfolio and will inject a third property, known as Menara Guoco by the third quarter of this year. Guocoland, the property investment arm of Hong Leong Group is selling Menara Guoco to Tower REIT for RM242.1 million cash, in a related party transaction (RPT). The proposed disposal is deemed to be an RPT as Guocoland is a major unitholder of Tower REIT. Tower REIT was listed on 12 April 2006. Tower REIT said a younger property portfolio would likely attract more investor interest in the REIT due to lower requirement for asset enhancement initiatives or capital expenditure in the near term.

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