Tower REIT to Buy New Property

News about Tower REIT

Tower REIT is planning to acquire from GuocoLand the Menara Guoco office tower for RM242.1 million. The 19 storey freehold tower is located in Kuala Lumpur and forms part the Damansara City integrated commercial development. The property is only 2 year old and has an occupancy of over 97%.

Funding is expected to be done fully through debt.

Tower REIT
Price0.720 MYR
NAV1.896 MYR
Yield (4 quarters)7.19%
Gearing1.5%