AmFIRST REIT completes RM331m sale of Menara AmBank to AmBank

AmFIRST Real Estate Investment Trust has completed the disposal of Menara AmBank to AmBank (M) Bhd for RM331 million. The remaining RM297.9 million was paid on Oct 23, settling outstanding loans and leaving RM72.2 million for the REIT's trustee.

PETALING JAYA (Oct 23) — AmFIRST Real Estate Investment Trust (AmFIRST REIT) has completed the disposal of Menara AmBank to AmBank (M) Bhd for RM331 million.

In a Bursa Malaysia filing on Friday (Oct 23), the REIT said AmBank had paid the remaining RM297.9 million that day, completing the transaction under the sale and purchase agreement.

Of that amount, RM225.7 million was paid directly to the lender to settle the principal, accrued interest and other amounts due under a RM165 million term loan facility and a RM60 million short-term revolving credit facility. The remaining RM72.2 million was paid to the REIT’s trustee.

AmBank had earlier paid a RM23.17 million cash deposit to the trustee upon signing the agreement on June 8, followed by a RM9.93 million real property gains tax retention sum to the director-general of Inland Revenue on July 27.