PETALING JAYA: Sunway Real Estate Investment Trust (SunREIT) has entered into a conditional sale and purchase agreement with Champion Edge Sdn Bhd to acquire a piece of land and buildings in Shah Alam for RM91.5mil in cash. The buildings that are on the land consist of a two-storey office with an annexed one-storey factory with a mezzanine floor, a three-storey office together with an annexed one-storey warehouse and an integral two-storey office together with a two-storey factory-cum-warehouse with an adjoining mechanical and electrical building and other ancillary buildings. As such, the manager believes that the proposed acquisition would immediately improve the earnings and the DPU to SunREIT’s unit holders upon the completion of the proposed acquisition. “SunREIT will benefit from the increase in the enlarged portfolio’s weighted average lease to expiry based on the secured gross rental income. “SunREIT’s property portfolio size will increase from about RM6.43bil as at June 30, 2016 to RM6.52bil after the proposed acquisition,” it said.

Source: The Star January 11, 2017 23:22 UTC