PNB subsidiary completes Mydin Mall Seremban 2 purchase for RM240 mln

Permodalan Nasional Bhd's (PNB) wholly-owned unit, Pelaburan Hartanah Nasional Bhd (PHNB), has completed the acquisition of Mydin Mall Seremban 2 for a purchase consideration of RM240 million through a sale and leaseback arrangement.

PHNB, the manager of Bursa Malaysia-listed REIT Amanah Harta Tanah PNB (AHP), said the acquisition was funded through a combination of financing and rights issuance of new units of AHP.

PHNB Chief Executive Officer Hafidz Atrash Kosai Mohd Zihim said the acquisition would increase AHP total assets to RM483 million, representing a significant addition to the existing portfolio of property that it currently managed, as well as providing yield accretive returns to unit holders.

"The addition of Mydin Seremban 2 to AHP's stable of properties will give AHP continued and increasing stable income in the long term to its unit holders due to the favourable length of the lease agreement entered," he said in a statement Sunday.

Hafidz Atrash Kosai said the issuance of rights units would further expand AHP's unit base and encourage continued participation of its existing unit holders.

The freehold property Mydin Mall Seremban 2, located in Seremban 2, Seremban, comprised a three-storey mall cum hypermarket and two sub-basements with a gross built up area of approximately 103,520 square metres spanning over 5.42 hectares.

Anchored by Mydin Hypermarket, the mall is amongst the biggest hypermarkets operated by Mydin Mohamed Holdings Bhd in Malaysia and offers extensive retail experience with vibrant tenancy mix for its shoppers. -- Bernama