By BUSINESS TIMES
QUILL Capita Trust (QCT), a property trust partly owned by CapitaLand Ltd of Singapore, expects its current fund size of RM238.7 million to double by the end of this year with the injection of four new assets.
Quill group of companies executive director Datuk Michael Ong said two assets will be injected into the real estate investment trust (REIT) by August, and another two by the year-end.
“Currently, we have four assets, and four more will be injected (into QCT).
“We will announce details of the properties within the next two to three months,” Ong told a news conference after the ground- breaking ceremony for HSBC Malaysia Bhd’s annexe building in Kuala Lumpur yesterday.
Also present were outgoing HSBC Malaysia deputy chairman and chief executive officer (CEO) Datuk Zarir J. Cama, his successor Irene M. Doner and Quill group managing director Datuk Jennifer Low.
Located next to HSBC’s existing headquarters, the RM70 million annexe building was designed and built by Quill to be leased to the bank.
The 24-storey building, with a nett lettable area of 175,000 sq ft, is expected to be completed in the first quarter of 2010.
Ong said that QCT will be given the first right of refusal to acquire the property upon its completion.
“This property may join the existing QCT asset portfolio,” he added.
Currently, the four properties under the trust are the HSBC data centre, BMW Malaysia headquarters and two DHL buildings – all based in Cyberjaya.
Ong said HSBC was the interest rate swap provider in QCT’s RM93 million commercial paper programme.
He said that as at end-April, QCT’s market capitalisation was RM448.74 million.
Ong said that QCT shares are currently trading at a premium over its initial public offering (IPO) price.
Main board-listed QCT is hovering above RM1.80 per share, compared with its IPO price of 84 sen.
The company made its debut on Bursa Malaysia on January 8 this year.