Media Prima to sell four properties including its prime Bangsar land to PNB for RM280 mil

Media Prima Bhd will dispose of one piece of land and three properties in Bangsar and Shah Alam, to PNB Development Sdn Bhd for a total cash consideration of RM280 million, resulting in a one-off net gain of about RM127.7 million. New Straits Times Press (M) Bhd (NSTP), a 98.2%-owned subsidiary of Media Prima, entered into three separate conditional sales and purchase agreements with PNB Development for the proposed sale of the properties.

The four properties are two pieces of freehold land in Bangsar where its Balai Berita headquarters is located, a piece of freehold industrial land with buildings erected in Shah Alam where its printing plant is located, and another piece of freehold industrial land also in Shah Alam.

It noted that the properties in Bangsar will be sold for a cash consideration of RM118.7 million while the property in Shah Alam will be sold for a cash consideration of RM127.9 million. The vacant land in Shah Alam will also be sold for a cash consideration of RM33.4 million.

A condition under the sales and purchase agreement for the Bangsar and Shah Alam property will require NSTP and PNB Development to enter into two separate tenancy agreements, which will commence immediately after the completion of the SPAs. The proposed tenancy will see NSTP rent the properties from PNB Development for three years at RM720,082 per month for the Bangsar property and RM660,326 per month for the Shah Alam property. The term of the tenancy will automatically be extended for another term of three years following the expiry of the initial term.

The sale consideration represents a discount of about 8.35% from the market value for the three properties based on an assessment by the company’s appointed independent valuer, Jones Lang Wootton (JLW).

source: TheEdge, Bursa Malaysia


Bangsar Property info:

Lot no: Lot 443 & 444, Seksyen 96A, Bandar & Daerah Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur
Land area: 151,814 sq.ft/3.49 acres
Tenure: Freehold
Category of Land Use: None (Tidak dinyatakan)
Transacted Value: RM118.72 million (RM782 psf land)
Date of transaction: 30 August 2018
Vendor: The New Straits Times Press (Malaysia) Berhad (company of Media Prima Bhd)
Purchaser: PNB Development Sdn Bhd
Note:
1. Valuation by JLW on 29 Aug 2018 at RM131 million (RM863 psf land)


Location map:



Shah Alam Property info:

Lot no: Lot 64213, Mukim Damansara, Daerah Petaling, Selangor Darul Ehsan
Land area: 653,154 sq.ft/14.99 acres
Tenure: Freehold
Category of Land Use: Industrial
Transacted Value: RM127.90 million (RM196 psf land)
Date of transaction: 30 August 2018
Vendor: The New Straits Times Press (Malaysia) Berhad (company of Media Prima Bhd)
Purchaser: PNB Development Sdn Bhd
Note:
1. Valuation by JLW on 29 Aug 2018 at RM131 million (RM200 psf land)


Shah Alam Land info:

Lot no: Lot 64214, Mukim Damansara, Daerah Petaling, Selangor Darul Ehsan
Land area: 217,797 sq.ft/4.99 acres
Tenure: Freehold
Category of Land Use: Industrial
Transacted Value: RM33.38 million (RM153 psf land)
Date of transaction: 30 August 2018
Vendor: The New Straits Times Press (Malaysia) Berhad (company of Media Prima Bhd)
Purchaser: PNB Development Sdn Bhd
Note:
1. Valuation by JLW on 29 Aug 2018 at RM43.5 million (RM200 psf land)


Location map:

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