(Property Guru, 09/06/2016)
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Wednesday, 13 July 2016
British American Tobacco sells PJ factories and land for RM218 million
British American Tobacco (M) Bhd (BAT), wholly-owned subsidiary Tobacco Importers and Manufactures Sdn Bhd (TIM) entered into sale and purchase agreement (SPA) with LGB Properties (M) Sdn Bhd for the disposal of two parcels of leasehold land measuring 5.3-ha (13.1 acres) in Virginia Park, Petaling Jaya, Selangor, for RM218 million cash. The land was sold together with its existing buildings including offices, warehouse, cafeteria and factory. The land comes with 99-year lease which will expire in 2060 and 2062, and part of the land was leased to Tenaga Nasional Berhad (TNB) until 2032. Upon signing the SPA, the building will be rented out to BAT’s subsidiary for RM1.09 million per month. Currently, the property’s market value stands between RM262.5 million, where RM216.8 million for the land and RM45.7 million for the buildings.
(Property Guru, 09/06/2016)
(Property Guru, 09/06/2016)
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