AmanahRaya Real Estate Investment Trust announced that its Trustee, Pacific Trustees Berhad, has signed a long-term tenancy agreement with ALFA International College Sdn Bhd for its property in Subang Jaya, Selangor.

The signing with ALFA coincides with the expiry of the tenancy agreement with Segi College on 28 February 2024. The tenancy agreement with ALFA spans a lease term of 18 years on a triple net lease arrangement. The college is expected to begin operations by the fourth quarter of the year.

The property is located within the vibrant commercial business districts of Subang Jaya in USJ1, approximately 15 kilometers southwest of Kuala Lumpur's city centre. It boasts a 12-storey purpose-built building fitted for educational purposes, held under a freehold tenure.

YM Tunku Rozita, Managing Director of AmanahRaya REIT, said, 'The partnership with ALFA represents a significant step towards enhancing AmanahRaya REIT's net property income. The property is expected to generate a consistent income stream with positive rent reversion every 3 years, which will benefit the Unitholders.

To date, AmanahRaya REIT oversees a portfolio encompassing 11 properties nationwide, covering educational, office, industrial, retail, hospitality and wellness sectors.