UOA REIT proposes RM700mil purchase of UOA Corporate Tower, private placement

KUALA LUMPUR: The trustee of UOA Real Estate Investment Trust has entered into a conditional sale and purchase agreement with UOA Development Bhd's unit Distinctive Acres Sdn Bhd for the proposed acquisition of UOA Corporate Tower for RM700mil cash.

To help fund the related-party transaction, the REIT's management has proposed a private placement to raise proceeds of up to RM280mil for a yet-to-be-determined price and number of placement units.