PETRONAS TO EXTEND LEASES WITH KLCC REIT
KUALA LUMPUR, Nov 19 -- Petroliam Nasional Bhd (Petronas) will extend the leases of Menara 3 Petronas and Petronas Twin Towers of KLCC Real Estate Investment Trust (REIT) for a further term of 15 years.
The leases will commence upon expiry of the current term, which is Dec 14, 2026 for Menara 3 Petronas and Sept 30, 2027 for Petronas Twin Towers.
In a filing with Bursa Malaysia today, KLCC REIT said Petronas was exercising its extension option as provided for under the respective Triple Net Lease (TNL) agreements.
It said the rental amounts would be determined prior to the commencement of the extended leases.
"All other terms and conditions of the TNL agreements shall remain unchanged and apply to the extended leases," it said.
Petronas entered into the TNL agreements on Nov 27, 2012 with two wholly-owned subsidiaries of KLCC Property Holdings Bhd, namely Arena Merdu Sdn Bhd and Midciti Resources Sdn Bhd, for the lease of Menara 3 Petronas and Petronas Twin Towers respectively for a period of 15 years.
Following the establishment of KLCC REIT on April 9, 2013, the TNL agreement for Menara 3 Petronas was novated vide the Novation Agreement entered into between Arena Merdu, Petronas and Maybank Trustees dated May 2, 2013.
The TNL agreement for Petronas Twin Towers was novated vide the novation agreement entered into between Midciti Resources, Petronas and Maybank Trustees dated May 3, 2013," it added.
-- BERNAMA
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