LGB Properties has acquired two parcels of land on the prominent street of Jalan University, Petaling Jaya from British American Tobacco (BAT).
The land which has a combined area of 53,023.5 square metres was sold together with its existing buildings. These include two 4-storey office cum warehouses, a 4-storey office, a double storey warehouse with basement, a double office, a single storey factory and two single storey factories with mezzanine floors.
The land was sold for the sum of RM218 million and is expected to give BAT a net gain of RM148.78 million.
The land comes with a 99-year lease which will expire in 2060 and 2062, respectively. Meanwhile, part of the land was leased to Tenaga National Berhad (TNB) until 2032.
Upon the signing of the sales and purchase agreement (SPA), the buildings will be rented out to BAT’s subsidiary for RM1.09 million per month. Currently, the property’s market value stands at RM262.5 million, which is RM216.8 for the land and RM45.7 million for the buildings.
Image: Sourced from Malay Mail Online
Mangalesri Chandrasekaran, Editor at PropertyGuru, edited this story. To contact her about this or other stories email mangales@propertyguru.com.my
