By THE STAR
KUALA LUMPUR: Real estate investment trust Quill Capita Trust (QCT) is looking to double its asset base in one to two years.
QCT acting chief executive officer Yong Su-Lin said on Thursday it started off with RM868mil and the completion of the acquisition of Platinum Sentral will see it increase to RM1.6bil.
“Ideally we would like to double it in the short term. We would need to pace it out accordingly maybe in one to two years,” she said, adding the group would most likely look at its sponsors’ assets.
Malaysian Resources Corp Bhd (MRCB) and the Quill group of companies collectively own buildings worth some RM1.8bil.
Shareholders approved the REIT’s proposed acquisition of Platinum Sentral from MRCB for RM740mil at the EGM. The acquisition places QCT as the eighth largest REIT in Malaysia.
The purchase will be satisfied via RM476m cash and the remainder of RM264mil will be via the issuance of 206.25 million Quill units at RM1.28 each.
This corporate exercise will result in MRCB holding 41% of Quill. Coast Captial Sdn Bhd and CapitaLand RECM Pte Ltd ceasing to be shareholders.
– Malaysia Real Estate News