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RETAIL FUNDS | Cesar Tordesillas, Malaysia

Hektar REIT gets approval to increase fund size

Hektar Asset Management has obtained the Securities Commission's approval for its proposal to increase its fund size.


With the approval, Hektar REIT is looking to increase its fund size by up to 93.859 million units to a maximum of 413.855 million units.

It may also list new units on the Main Market of Bursa Malaysia Securities Bhd.

Approval was also given for the valuation of two retail properties in Kedah to be acquired by Hektar REIT, it said in a statement.

The properties are Landmark Central Shopping Centre and a major portion of the Central Square Shopping Centre, which are collectively worth RM184 million, it said.

The RM181 million acquisition of both malls at a purchase consideration price will also increase REIT's gross asset value to RM1 billion, it said.

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