Tradewinds Buys Office Lot for RM510m

Tradewinds (M) Bhd's unit, Sovereign Place Sdn Bhd, is acquiring 31 floors of strata office space with 440 car park bays of the proposed MTR 2 building for RM510 million from Skyline Atlantic Sdn Bhd, a unit of Tradewinds Corporation Bhd. 

In an announcement to Bursa Malaysia, it said the purchase consideration would be satisfied entirely in cash of which RM433.5 million through bank borrowings while the balance through internally generated funds. 

It said the proposed acquisition would allow the group to own its own Grade A, MSC compliant corporate tower with Green Building accreditation with gold plus level by BCA Green Mark (Singapore) which is strategically located within the vicinity of the commercial hub of Kuala Lumpur City Centre. 

"The proposed acquisition is a significant exercise which will create visibility for the company which in turn is expected to further strengthen and enhance the group's corporate image, identity and presence," it said. -- Bernama

By Business Times Online

Source: http://www.btimes.com.my/articles/20120418212632/Article/#ixzz1wSoMnVJR