Two Projects To Be Injected Into Quill Capita Trust

The Quill Group of Companies is likely to inject two development projects it is undertaking in

Klang

Valley into its real estate investment trust (Reit), Quill Capita Trust (QCT). The two projects are:

HSBC’s new headquarters in Kuala Lumpur (Quill Group recently signed a long-term lease with HSBC to develop, design and build the bank’s headquarters, due for completion in two to three years.) and
an office building at KL Sentral.
Both projects are expected to be completed in the next two to three years.

QCT chief executive officer Chan Say Yeong announced that:

the company can acquire third party assets but it does not want to rely on third party acquisitions as the growth target will be limited. A sustainable long-term growth is better than speculative short-term acquisition of third party asset
The unit holders of QCT yesterday approved the company’s proposals to increase its fund size to 490.131 million units from 238.691 million units and the placement of share units to raise funds for property acquisitions, paving the way for QCT to double its asset value by year end.
The company, which is placing its first tranche of 151,440,000 new units, expects to raise gross proceeds of RM227mil to finance its proposed acquisition of Wisma Technip and part of Plaza Mont Kiara at the purchase prices of RM125mil and RM90mil respectively.
On the remaining placement of 100 million new units, he said it was expected to be launched upon next acquisition, as the Securities Commission had given QCT six months for the placement. (9/8/07 The Star
Malaysia)

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August 30, 2007 Posted in: Activity-Based Costing

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August’07 Malaysian Reits News Update | REITs - September 4, 2007

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