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Monday, 16 January 2017

(The Star) AHP completes acquisition of Mydin Mall Seremban 2

KUALA LUMPUR: Amanah Harta Tanah PNB (AHP) has announced the successful completion of the acquisition of Mydin Mall Seremban 2 for a purchase consideration of RM240mil through a sale and leaseback arrangement.
AHP is a Reit listed on Bursa Malaysia through its manager, Pelaburan Hartanah Nasional Bhd (PHNB), which in turn is a wholly owned subsidiary of Permodalan Nasional Bhd (PNB).
PNB in a statement said that the acquisition was funded through a combination of financing and rights issuance of new units of AHP.
“With the acquisition, AHP’s total asset will increase to RM483mil and represents a significant addition to the existing portfolio of property that it currently manages and provides yield accretive returns to its unit holders,” said PHNB executive director and CEO Hafidz Atrash Kosai Mohd Zihim.
He added that: “The issuance of rights units will further expand AHP’s unit base and encourages continued participation of its existing unit holders.”
Mydin Mall Seremban 2 is a freehold property comprising of a three-storey mall cum hypermarket with two sub-basements and is located in the thriving locality of Seremban 2, Seremban, with a gross built up area of about 1.14 million sq ft over a land area of 13.4 acres.
Anchored by Mydin Hypermarket, the mall is among the biggest hypermarket operated by Mydin Mohamed Holdings Bhd in Malaysia and offers extensive retail experience with vibrant tenancy mix for its shoppers.

“The addition of Mydin Seremban 2 to AHP’s stable of properties will give AHP continued and increasing stable income in the long term to its unit holders due to the favourable length of the lease agreement entered,” Hafidz noted.