MARA Sells Melbourne Property for RM117.37mil in 2017 After Losing A$1.2mil on it in 2016

December 21, 2017

 
Majlis Amanah Rakyat (MARA) has disposed of its six-storey office building in Melbourne for A$37.5 million (RM117 million) to Placer Property Ltd, a specialist property fund manager, reported the Australian Financial Review (AFR).

Located within Melbourne’s central business district, the strata office property forms part of a bigger building that includes a commercial car park and an international hotel, and one of the four assets controlled by MARA.

The MARA property had been the subject of investigations by Fairfax Media Publications Pty Ltd, the owner of AFR, following alleged dubious transactions in 2014.

The Malaysian government agency suffered a A$1.2 million (RM3.75 million) loss on the property last year after it became vacant.

Acquired in 2012 for A$22 million (RM69 million) from Quintessential Equity Pty Ltd, the property was leased out to University of Melbourne at the start of this year.

“We were attracted to the asset due to its strategic location with uninterrupted views of the World Heritage-listed Carlton Gardens and its very secure, stable income flowing from the sole tenant, the University of Melbourne,” said Mario Papaleo, Joint Managing Director at Placer Property.

 

Image sourced from The Telegraph.

 

This article was edited by the editorial team of PropertyGuru. To contact them about this or other stories email editorialteam@propertyguru.com.my

 

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