AEON Seri Manjung
PETALING JAYA: Sunway REIT Management Sdn Bhd, the manager of Sunway Real Estate Investment Trust (Sunway REIT) has entered into a conditional sale and purchase (SPA) with Kar Sin Bhd and YNH Hospitality Sdn Bhd, the subsidiaries of YNH Property Bhd to acquire AEON Seri Manjung for RM138mil.
AEON Seri Manjung is a two-storey shopping centre located in Manjung, Perak and is fully leased to a single tenant, AEON Co (M) Bhd, with a remaining lease period of 12 years up to December 2037. It sits on a parcel of freehold commercial land measuring 30.25 acres, providing approximately 2,592 car park bays and 687 motorcycle bays.
Sunway REIT said the mall is expected to generate an initial net property income (NPI) yield of approximately 6.5% which is immediately yield-accretive to Sunway REIT’s portfolio and 7% average yield over the remaining tenure of the lease to AEON.
Sunway REIT Management chief executive officer said: “We are confident with the prospects of the property as it has established itself as the dominant leading mall serving the surrounding areas of Manjung, Sitiawan and Lumut with the eclectic tenant mix curated by AEON over the years satisfying the local community’s requirements.
“In the longer term, we believe that the vicinity of the property will benefit from the completion of the West Coast Expressway which will further improve accessibility and potentially attract more frequent patrons from Teluk Intan or Beruas. Economic activities in the area will also benefit from state-sponsored projects like the Lumut Maritime Terminal 2 and the proposed Lumut Maritime Industrial City which are expected to attract significant investments, catalysing economic growth in the locality. Should there be increased demand for retail space then, the property sits on substantial land which will allow the potential for further expansion of the mall.”
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