Business

Mara Inc sells office building in Melbourne

Mara bought the building in 2014.

Mara bought the building in 2014.

Syndicated News
Written by Syndicated News

The property was bought in 2014 for Aus$21 million, sold for $23.4 million

KUALA LUMPUR — January 10, 2017: Mara Incorporated (Mara Inc), a subsidiary of Majlis Amanah Rakyat (Mara), has completed the sale of a commercial office building in Melbourne, Australia, for RM76.75 million (A$23.4 million).

The sale was via an open tender.

The agency’s chairman Tan Sri Annuar Musa said the tender was completed in August last year and fully handled by Colliers International.

The building was bought in 2014 for A$21 million. The money from the sale will help settle Mara Inc’s debt with
two banks in Australia.

Annuar said the sale is part of Mara Inc’s rationalisation exercise with the approval of the Treasury and Ministry of Rural and Regional Development.

“The approval was given based on two conditions, namely that it is done at a  profit and the money be used to settle all debts with both banks.

“The loans from the banks are termed as short term and put pressure on Mara Inc to settle within the stated period,” Annuar added.

The Queen Street property is one of four owned by Mara Inc in Australia and comprises 12 floors of office space as well as a commercial lot on the ground floor.

According to Annuar, the remaining three properties with a combined asset value exceeding A$80 million will be retained as investments for the future.

“The move to sell is in line with Mara Inc’s long term investment strategy, including at other locations in Melbourne and London.

“Mara Inc is now financially sound and needs no injection of funds from Mara,” said Annuar. — Bernama

 

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