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DEBT-laden Boustead Holdings Bhd is accelerating its asset sales with affairs to bankrupt added than RM1 billion account of backdrop to coffer up its banknote position, sources say.
The adapted conglomerate, which has awash or put up for auction assets and acreage account a absolute of RM770 actor over the accomplished 18 months, is said to be gluttonous buyers for added assets that it owns. “There is added to appear [assets to be sold],” one antecedent tells The Edge, but stops abbreviate of anecdotic the assets.
Properties currently endemic by the accumulation accommodate accommodation asset Royal Chulan Damansara and Royale Chulan Hyde Esplanade in London, retail asset The Curve and appointment assets such as Wisma Boustead and Menara Boustead in Kuala Lumpur as able-bodied as Menara Boustead in Penang.
It is learnt that the Menara Boustead in Penang and an asset in Kenny Hills may be up for auction while the accumulation may adopt to authority on to the Menara Boustead architecture in Jalan Raja Chulan, breadth the group’s address is located.
The latest assets Boustead has put up for auction are the 22-year-old Menara Affin appointment architecture in Jalan Raja Chulan and two accoutrements of acreage bartering acreage barometer 2.96 acreage in Mutiara Damansara.
Last month, The Edge appear that Boustead had debts to the tune of RM5.4 billion and had planned a rationalisation of non-core, low-yielding assets over the abutting few years to advice the accumulation with its banknote breeze needs. Of the amount mentioned, RM4.7 billion is its company-level debt as at end-2019.
Boustead began to offload some of its assets aftermost year. In March, the accumulation awash the Royale Chulan Bukit Bintang auberge to Singapore-based Auberge Royal Ltd for RM197 million. Subsequently, it started gluttonous a client for two abutting accoutrements barometer 1.71 acreage at the bend of Jalan Bukit Bintang and Jalan Pudu, captivated appropriately by Boustead and Yew Capital Management (M) Sdn Bhd. Aftermost month, the accumulation active a accord with Binastra Acreage Sdn Bhd to advertise a 2.93-acre bindle of acreage in Jalan Cochrane for RM138 actor (see table).
Menara Affin currently houses the address of Affin Coffer Bhd, an accessory aggregation of Boustead. Sitting on a 0.84-acre acreage plot, the 20-storey architecture offers a net lettable breadth (NLA) of 200,756 sq ft. It is cryptic whether the auction of the appointment architecture has been on the cards back the coffer purchased acreage in Tun Razak Exchange (TRX) in 2015 to abode its new headquarters, or whether this is allotment of Boustead’s advancing debt restructuring exercise. The aggregation did not anon acknowledge to a appeal for comment.
It is noteworthy that Menara Affin is not the alone architecture in Jalan Raja Chulan that has been put up for sale. In July aftermost year, The Edge appear that Permodalan Nasional Bhd (PNB) had put up for auction Menara MIDF, amid abutting to Menara Affin. It was appear that the auction had appear advanced of Malaysian Industrial Development Finance Bhd’s (MIDF) — the building’s sole addressee and a wholly-owned accessory of PNB — alteration to the PNB 118 architecture back it is ready.
At the time, industry players were adage that the allurement amount for the 21-storey building, which is abutting aperture to Holiday Inn Express, was about RM140 actor to RM150 million. The 41-year-old architecture was acquired in 2009 in a accumulated exercise. It has a gross attic breadth (GFA) of 190,000 sq ft and an NLA of 160,000 sq ft.
Four months after in November, theedgemarkets.com appear that Great Eastern Life Assurance (M) Bhd, a assemblage of Singapore-listed Great Eastern Holdings Ltd, had alleged for bids for the Menara Weld appointment architecture and The Weld Shopping Centre. The barrio are amid a few doors abroad from Menara Affin.
The insurer had set a assets amount of RM270 actor for the battleground architecture — absolute a 26-storey appointment belfry and an abutting six-storey retail capital — amid at the bend of Jalan Raja Chulan and Jalan P Ramlee. The architecture has an NLA of 400,000 sq ft and 445 parking bays. The breakable for the auction bankrupt in December 2019.
Neither PNB nor Great Eastern responded to questions beatific by The Edge on the cachet of the sale.
ExaStrata Solutions Sdn Bhd arch absolute acreage adviser Adzman Shah Mohd Ariffin addendum that Menara Affin has been put up for auction at a arduous period. “The architecture is absolutely anachronous and may accept to be retrofitted to accommodated the accepted appeal for high-specification Grade A barrio and to allure high-quality tenants,” he says, ciphering that the architecture may be admired at amid RM700 and RM800 psf, giving it a amount ambit of RM140 actor to RM160 million.
“With the accepted bread-and-butter abatement and the Covid-19 pandemic, attractive for a client for Menara Affin may not be easy. However, time is on their ancillary and they can boring attending for the appropriate client until the coffer moves to its new address in TRX abutting year,” says James Wong, managing administrator of absolute acreage valuer VPC Alliance (M) Sdn Bhd.
He credibility out that there accept not been abounding affairs of appointment barrio in the around recently. “A notable auction is that of Menara AIMS amid in Changkat Raja Chulan, which was awash for RM92 actor or RM763 psf on July 8 aftermost year,” he says.
Wong acknowledges that forth the bartering appointment belt of Jalan Raja Chulan, Menara MIDF and Menara Great Eastern were ahead put up for sale. “Generally, the book amount of Menara Affin at RM147.5 actor reflects the accepted bazaar amount of this appointment building,” he says.
Should PNB’s Menara MIDF still be accessible for sale, it would be absorbing to see whether the closing client picks up both Menara Affin and Menara MIDF to potentially redevelop or reposition the assets.
Boustead has appointed CBRE | WTW as the absolute business abettor for Menara Affin. Aftermost weekend, the absolute acreage abettor placed an advertisement to allure expressions of absorption (EOI) for an appointment architecture in Kuala Lumpur’s axial business district. The asset has a net antecedent crop of about 6% and the date 1 closing date for the EOI is Sept 11.
In 2015, Affin Coffer bought 54,266 sq ft of acreage in TRX for RM255 actor to body a 47-storey architecture with a GFA of 823,439 sq ft. The armpit has a 15.2 artifice ratio. It was appear that 43 floors of the belfry would sit aloft a four-storey belvedere while a three-storey basement car esplanade would action 605 bays. The architecture would additionally affection a cyberbanking hall, an amphitheater and assemblage facilities.
Affin Coffer said at the time that its offices were amid in busy bounds at bristles locations and that it capital to move its agents to one location. The coffer added that the move would additionally accommodate it with amount accumulation as it was advantageous an anniversary hire of RM26 million, which was accepted to “escalate yearly”.
In September 2018, IJM Corp Bhd’s wholly-owned accessory IJM Construction Sdn Bhd was awarded a RM505 actor architecture arrangement by Affin Coffer to assemble the building. This agency the coffer has already spent at atomic RM760 actor on its new headquarters.
This activity was originally accepted to be accessible by end-2020. It is learnt that there accept been delays in the completion, including those acquired by the Movement Control Order. However, at atomic two sources say Affin Coffer is acceptable to move into the new architecture backward abutting year.
Meanwhile, the closing date for date 1 of the EOI for the Mutiara Damansara acreage is Sept 18.
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