KUALA LUMPUR (Oct 16): AME Real Estate Investment Trust (AME REIT) has fully concluded its maiden post-listing acquisition exercise of three industrial properties in Iskandar Malaysia, Johor worth RM69.25 million.

This comes after the completed acquisition of the third industrial property of Plot 16 at i-Park @ Indahpura in Iskandar Malaysia from its sponsor, AME Elite Consortium Bhd, for RM26.5 million.

In a statement, AME REIT said the completion of Plot 16 Indahpura’s acquisition was ahead of the earlier estimated timeline of the first quarter of 2024, following the construction completion by the sponsor, the issuance of the certificate of completion and compliance (CCC) by regulatory authorities, and the rental commencement of the lease.

“The acquisitions of the first two industrial properties, [namely] Plot 15 at i-Park @ Indahpura and Plot 43 at i-Park @ Senai Airport City, were completed on March 24, 2023,” it said.

Altogether, AME REIT’s properties under management have risen to RM668 million, consisting of 34 industrial properties with an agreed lettable area of approximately 1.9 million sq ft (17.65 hectares) and three industrial-related properties of workers’ dormitories.

I REIT Managers Sdn Bhd chief executive officer and executive director Chan Wai Leo said the timely construction completion and issuance of the CCC of Plot 16 Indahpura underscore the sponsor’s alignment with AME REIT’s objective.

“We remain steadfast in growing our portfolio by sourcing for potential industrial property acquisitions as well as proactively undertaking enhancement initiatives for our existing asset portfolio,” he said.

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