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KUALA LUMPUR: Sunway REIT Management Sdn Bhd, the manager of Sunway Real Estate Investment Trust (Sunway REIT) has proposed to acquire two contiguous parcels of land together with the existing buildings erected thereon in Petaling Jaya for RM60.05mil.
The property sits on a 3.63 acres freehold industrial land which consists of a double-storey building and a five-storey building, with a total gross floor area (GFA) of 497,487 sq ft.
In a statement, it said the proposed acquisition will be fully funded by Sunway REIT’s existing debt programme.
Its gearing ratio is expected to increase from 37.2% as at Dec 31, 2021 to 37.6% upon the completion of the proposed acquisition.
The post-acquisition gearing is considerably below the statutory gearing limit permissible by the Guidelines on Listed Real Estate Investment Trusts by the Securities Commission.
Based on the gearing limit, Sunway REIT has a large debt headroom to pursue acquisition opportunities from its sponsor and third parties.
“Our strong balance sheet places Sunway REIT in a position of strength to continue our active pursuit of yield-accretive acquisition opportunities that are present in the market,” Sunway REIT Management CEO Datuk Jeffrey Ng said.
The proposed acquisition is expected to be completed in the second half of 2022.
Upon completion of the proposed acquisition, Sunway REIT’s property value will increase to RM8.8bil, from RM8.74bil as at Dec 31, 2021.
The asset portfolio composition for the industrial and others segment will increase from 1.1% to 1.8% upon completion of the proposed acquisition, based on property value as at Dec 31, 2021.