PROPERTY NEWS: Minda Global to spend RM180 million on a property in Cyberjaya.

Key takeaway:

University of Cyberjaya's management company, Minda Global Bhd, has made an RM180 million leased agreement for the properties on which it now operates.

The company's wholly-owned subsidiary UOC Sdn Bhd (UOCSB) has proposed buying 174,461 sq ft of freehold land including the buildings on it from Persada Mewah Sdn Bhd.

According to Minda Global, this initiative will provide the company more freedom in undertaking future development plans and prevent the risk of non-renewal tenancy.

According to information provided by the group in a filing with Bursa Malaysia, the buildings, which are four years old and located in Cyberjaya, have a gross floor space of 862,850 sq ft.

According to Minda Global, it would provide vendor Persada Mewah Sdn Bhd RM155 million in cash and settle the balance RM25 million by issuing new shares at a price of 7 sen each.