KUALA LUMPUR: Pacific Trustees Bhd, the trustee of Atrium Real Estate Investment Trust (Atrium Reit), has proposed acquiring 2.43 hectares of leasehold land in Shah Alam, Selangor, from Amazing Blitz Sdn Bhd for RM41 million.
Atrium Reit said in a filing with Bursa Malaysia yesterday that the land is adjacent to its existing property, Atrium Shah Alam 4, which is leased to a multinational logistics company.
According to the company, the acquisition is consistent with Atrium REIT's investment objectives and growth strategy of expanding its existing portfolio of investment properties.
"The property is strategically located within a prime and mature industrial estate familiar to Atrium Reit, and it believes that the proposed acquisition will complement and enhance its property portfolio," it said.
The proposed acquisition is expected to be completed by the first half of 2024, according to the board.
Atrium Reit is a real estate investment trust that focuses on industrial assets.
Atrium Shah Alam 4 is located within the established industrial estate of Section 16 Shah Alam, according to its website.
The immediate vicinity consists primarily of individually designed detached factory buildings, vacant industrial lots, and semi-detached factories.
Cadbury Confectionery (M) Sdn Bhd, Nestle Manufacturing (Malaysia) Sdn Bhd, Network Food Industries Sdn Bhd, Toyota Motor Sdn Bhd, and JT International Tobacco Sdn Bhd are among the factories.
