KUALA LUMPUR: Sunway Real Estate Investment Trust (Sunway REIT) is buying Sunway Hotel Georgetown in Penang and Wisma Sunway in Shah Alam from subsidiaries of Sunway Bhd for RM134 million. “The acquisitions are to provide unitholders with exposure to a diversified portfolio of investments that will provide stable cash distributions with the potential for sustainable growth in net asset value per unit,” it said in a filing to Bursa Malaysia. The hotel acquisition is expected to be completed in the third quarter of financial year 2015 ending June 30, while Wisma Sunway in the first quarter of financial year 2016 ending June 30.
~ By BUSINESS TIMES
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