PETALING JAYA: MRCB-Quill REIT (MQREIT) has entered into a sale and purchase agreement with Deriv Services Sdn Bhd for the proposed disposal of Quill Building 5 in Cyberjaya for a cash consideration of RM45 million.
The property is a five-storey office building with one level of sub-basement and 1½ levels of a basement car park, and had an original cost of investment of RM43 million. However, the property was independently valued at RM40 million as at Oct 2, 2020.
In a Bursa filing, the property manager said the proposed disposal is in line with its objective to regularly evaluate and rejuvenate its portfolio.
“The manager opines that it has optimised the potential of the property and given the favourable disposal price for the sale of this asset, it is an opportune time to dispose of this asset.”
The expected net gain arising from the proposed disposal is about RM3.73 million, and will go towards repaying existing borrowings, asset enhancement initiatives, investments in other yield accretive properties and working capital purposes.
The proposed disposal is expected to be completed by the second quarter of 2021.
