Parkway Life Reit Divest Malaysian Property Rm2009 Mil

Parkway Life REIT, a real estate investment trust, announced that its wholly-owned subsidiary in Malaysia, Parkway Life Malaysia, has agreed to sell strata units and lots at MOB Specialist Clinics in Kuala Lumpur for RM20.09 million ($6.09 million). The property, which is located on a freehold land and spans 2,444 sqm, consists of three ground-floor units, three medical-consulting suite units, and car park lots.

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According to the REIT, the sale is expected to result in a gain of approximately $100,000. The property is currently the only asset owned by Parkway Life Malaysia and contributes 0.2% to its asset value. Upon completion of the divestment, Parkway Life REIT will no longer have any investments in Malaysia.

The sale consideration is 25.6% higher than the original purchase price of the property in 2012, which was RM16 million. It is also 4.6% above the latest valuation of the property at RM19.2 million as of Dec 31, 2024.

Parkway Life REIT states that the divestment is part of its manager’s strategy to recycle assets and strengthen the quality and growth potential of its portfolio. This move aligns with the REIT’s goal of rebalancing its portfolio and enhancing its overall performance.

This development was first reported on (source).