News

Alpha REIT Acquires ISP For RM140 Mln

Last update: 22/08/2017KUALA LUMPUR, Aug 22 (Bernama) -- Alpha REIT Managers Sdn Bhd had acquired the International School@Parkcity (ISP) from Winame Profile Sdn Bhd for RM140 million.

The property, which is currently tenanted to the operator of ISP, ParkCity-Brighton Education Sdn Bhd, sits on 1.22 hectares of freehold land at the Desa ParkCity township.

The site comprised two academic blocks, an administration and library block, a multipurpose block, as well, as a newly built academic block together with a swimming pool.

Alpha REIT Managers Chief Executive Officer/Executive Director Jeyabalan Parasingam said the trust considered ISP as an ideal product for Alpha REIT, as it represented the high-end international school niche market.

With this investment, the trust has successfully concluded its first round of acquisition with a portfolio valued at RM305 million.

"The property will be leased to ParkCity-Brighton Education for a period of 15+15 years.

"We look forward to working closely with Perdana ParkCity Group to provide and expand quality service offerings in Desa ParkCity and their other future developments in Malaysia," he said in a statement today.

Opened in September 2011, ISP is a joint venture between Perdana ParkCity, the developer of the Desa ParkCity township and Brighton Education Group, whose expertise is in establishing and operating private and international schools, as well as, pre-schools.

-- BERNAMA