MQREIT to raise RM487.942 mil from proposed placement

KUALA LUMPUR (Dec 8) MRCB-Quill REIT (MQREIT) is set to raise RM487.942 million in gross proceeds from the proposed placement of 406.619 million new shares at RM1.20 a unit, Bernama reported today.

In a filing to Bursa Malaysia today, MQREIT said the proposed placement would be allocated to selected investors including Malaysian Resources Corp Bhd (MRCB) and the Employees Provident Fund.

The proceeds would partly fund its acquisition of Menara Shell, a 33-storey office tower located in Kuala Lumpur Sentral.

At the group’s EGM yesterday, its unitholders approved the REIT’s proposed acquisition of Menara Shell, its 11th property, for RM640 million, as well as its placements to fund the acquisition.

The addition of Menara Shell will bring MQREIT’s total asset value from RM1.6 billion to RM2.27 billion by the end of the year, pushing it up to the sixth-largest listed REIT in Malaysia from eighth position previously.

Among the other 10 properties under the group’s management are Quill Building 1 and Quill Building 4 in Cyberjaya, which houses the offices of courier giant DHL, the Quill Building 2 which houses HSBC’s data processing office in Cyberjaya, as well as Wisma Technip in Kuala Lumpur.