AME Elite, AME Reit get shareholders' nod for RM100.8mil acquisition
The properties, i-Park SAC 34, i-TechValley 35 and i-TechValley 36, are located in AME Elite's industrial parks in Iskandar Malaysia.
They are single-storey factories with offices and support buildings, fully leased to long-term tenants.
Selling the properties to AME Reit allows AME Elite to unlock capital for its growing industrial park projects while boosting its recurring income through its stake in AME Reit.
AME Elite executive director and group chief executive officer Dylan Tan Teck Eng said the approval reinforces the strength of AME Elite's integrated model.
"Completing this transaction unlocks capital for redeployment in our industrial park development plans, where we are advancing key initiatives like the Northern TechValley in Penang and our joint venture in Selangor with KLK Land.
"Our agile approach allows us to capitalise on robust foreign and domestic direct investments, alongside strong demand for high-quality, integrated industrial space solutions, while strengthening our recurring income base via AME Reit," he said in a statement.
I Reit Managers Sdn Bhd chief executive officer and executive director Chan Wai Leo said the fully-leased properties are strategically located within its sponsor's established industrial parks.
He said this strengthened AME Reit's portfolio with quality, income-generating assets.
"These acquisitions which are targeted to be completed within this financial year will contribute positively to AME Reit's earnings.
"With an expanded portfolio, AME Reit is well-positioned to drive stable performance and deliver enhanced distributions to our unitholders," he added.
AME Reit initiated its latest acquisitions in FY25, involving seven industrial properties totalling RM220.3 million.
The latest approval obtained for the three properties in this RM100.8 million deal represents the second tranche of the transaction and are expected to be completed in phases from the third quarter of 2025 to the first quarter of 2026.
Prior to this, three properties have already been successfully acquired by AME Reit in the first tranche this year amounting to RM119.5 million, namely i-Park SAC 23 & 24 in February, i-TechValley 46 in March and most recently, i-TechValley 34 in July.
The remaining property from this first tranche, i-Park SAC 60 & 61, is targeted for completion in the fourth quarter of 2025.
AME Reit's current portfolio stands at 40 investment properties with agreed lettable area of 2.2 million square feet with portfolio value of RM800.5 million.
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