The exterior of Sunway Kluang Mall situated in Kluang, Johor.
PETALING JAYA: Sunway REIT Management Sdn Bhd, the manager of Sunway Real Estate Investment Trust (Sunway REIT), has successfully completed the acquisition of Sunway Kluang Mall, formerly known as Kluang Mall.
The mall is located in the Kluang district, which has a population of more than 320,000. Anchored by Pacific Hypermarket and Department Store and tenanted by over 130 retailers, the mall serves as a preferred retail and lifestyle destination in the district as well as in central Johor. It is expected to be yield-accretive to Sunway REIT’s portfolio with an estimated initial net property income (NPI) yield of 7%.
Sunway REIT Management chief executive officer Clement Chan said Sunway REIT is pleased with the acquisition.
“We are pleased to end the year with the completion of another acquisition. This fortifies Sunway REIT’s portfolio as one of the leading REITs in Malaysia. We strategically expanded our presence in Johor, which is a high-growth state and magnet for investment,” he said.
Stay ahead of the crowd and enjoy fresh insights on real estate, property development and lifestyle trends when you subscribe to our newsletter and follow us on social media.
