PF passes resolution to terminate, wind up Alpha REIT

December 22, 2022

PF passes resolution to terminate, wind up Alpha REIT

KUALA LUMPUR (Dec 22): The Employees Provident Fund (EPF), as the sole unitholder of Alpha Real Estate Investment Trust (Alpha REIT), has taken the decision to terminate and wind up the unlisted shariah-compliant REIT.

The winding-up process will involve the disposal of all assets and properties of Alpha REIT in accordance with the trust deed of Alpha REIT and the Securities Commission Malaysia’s REIT guidelines.

The EPF had resolved to apply for and convene a unitholders’ meeting on Dec 16, in which a special resolution was passed to terminate and wind down Alpha REIT.

“This decision to terminate and wind up Alpha REIT has been taken by the EPF on its own will and at its sole discretion,” said Alpha REIT Managers Sdn Bhd in a statement.

“The implementation plan of the winding-up process will be prepared by an appointed adviser, in consultation with the trustee and manager of Alpha REIT, subject to the EPF’s approval,” the manager of the REIT said, adding that it will provide further updates on the winding-up process in due course.

DISYORKAN UNTUK ANDA :

The existing long-term lease/tenancy of Alpha REIT’s assets will remain intact throughout the divestment process, and should not have any impact on the operations of the schools, the REIT noted.

Since its inception in 2017, Alpha REIT has successfully grown to deliver a market-leading total return, with a yield of over 6% for the financial year ended Dec 31, 2021.

The REIT has successfully outperformed the market while mitigating headwinds over the past two years due to the Covid 19 pandemic. Two of its assets also won EdgeProp Malaysia’s Best Managed and Sustainable Property Awards 2021.