Sunway REIT raises RM710mil from private placement

Sunway Reit Management CEO Datuk Jeffrey Ng (pic) said, “Despite the tough market conditions, the encouraging support from investors reinforces investors’ confidence towards Sunway REIT’s medium to long-term growth trajectory. “With the expected completion of the private placement, Sunway REIT’s capital base will be strengthened..."

PETALING JAYA: Sunway Real Estate Investment Trust (Sunway REIT) has successfully raised gross proceeds of RM710mil through the placing out of 479.7 million new units in line with the private placement exercise at an issue price of RM1.48 per unit.

The proceeds from the private placement have been earmarked to mainly fund the acquisition of The Pinnacle Sunway and the expansion of Sunway Carnival Shopping Mall.