KUALA LUMPUR (Oct 9): Alliance Bank Malaysia Bhd said it is acquiring a 24-floor office suite in Jalan Ampang, developed by Oxley Holdings Ltd’s subsidiary Oxley Rising Sdn Bhd for RM405.84 million.

In a Bursa Malaysia filing on Monday, the banking group said the strategic location of the properties at the commercial centre of KLCC and a dedicated building name of the bank will improve the visibility and branding of the group.

“Also, the acquisition would provide the staff a fresh working environment with better amenities.

“The properties are earmarked as a green-certified building and this will form part of the bank’s sustainability journey to be a more sustainable and resilient organisation,” it explained.

The office suites have a floor area of 315,711 sq ft, within Tower 3 of Oxley’s multi-billion ringgit development on the 3.11-acre plot in Jalan Ampang.

Besides the office suites from Level 6 to Level 29 of the tower, Alliance Bank is also buying four adjoining retail lots consisting of two duplex units located on the ground and first floors, and two units on the ground floor of a two-storey retail podium, measuring a total floor area of 9,569 sq ft.

Oxley acquired the 3.11-acre plot in Jalan Ampang for RM446.7 million back in 2014. According to Alliance Bank’s filing on Monday, the development consists of two hotel and residential suite towers, and a retail podium.

Meanwhile, the group said the proposed acquisition will be fully funded via the capital market and internal funds. It added the acquisition will be completed by November next year.

Currently, the registered corporate head office for Alliance Bank is in Menara Multi-Purpose, Capital Square, Jalan Munshi Abdullah, Kuala Lumpur.

Alliance Bank shares settled unchanged at RM3.34, valuing the bank at RM5.17 billion.