Sunway-REIT said the transaction involves the sale of Sunway Hotel Seberang Jaya, including its land and related assets.
KUALA LUMPUR: Sunway Real Estate Investment Trust
(Sunway-REIT) has signed a conditional sale and purchase agreement with Sunway Healthcare Holdings Bhd’s subsidiary, Sunway Medical Centre Penang Sdn Bhd (SMCPSB), to dispose of assets in Penang for RM60mil.
In a filing with Bursa Malaysia, Sunway-REIT said the transaction involves the sale of Sunway Hotel Seberang Jaya, including its land and related assets.
It said the disposal was executed between RHB Trustees Bhd, acting as trustee for Sunway-REIT, and SMCPSB, which is part of the Sunway Bhd group.
Sunway-REIT said the proposed disposal is expected to record a gross gain of RM4mil, while the proceeds of RM60mil will be utilised for property development investments and expenses related to the disposal over a six-month period.
The completion of the proposed disposal is subject to the fulfilment or waiver of the conditions stipulated in the agreement within 12 months from the date of signing. — Bernama
