Sunway Real Estate Investment Trust (SunREIT) may add four more major assets from its sponsor Sunway City Bhd (SunCity) to its list of potential property acquisitions over the next few years.
The properties are likely to be Sunway Lagoon, The Pinnacle (completion in 2013), Lost World Hotel (completion 2011), and Sunway Velocity shopping mall (completion in 2015).
SunCity will continue to grow its property investment portfolio (which include the said four properties) aiming for future injection into SunREIT. The REIT would seek to double its asset base from RM3.78 billion in a five-to seven-year timeframe. This is to be achieved via acquiring properties from SunCity or from third parties.
While it is possible that SunCity would inject the properties into SunREIT, The company would also consider an en-bloc sale of any of its properties to a third party, if the price was right.
Currently, SunREIT has four assets within the Bandar Sunway township: Sunway Pyramid Shopping Mall, Sunway Resort Hotel & Spa, Pyramid Tower Hotel and Menara Sunway. Its other assets, Sunway Carnival Shopping Mall, Sunway Hotel Seberang Jaya, Sunway Tower and SunCity Ipoh Hypermarket, are located in Penang, Kuala Lumpur and Ipoh.
Its major shareholders are SunCity (38.3% stake via deemed interests), and Minister for Finance Inc Singapore (43.3% deemed interests mainly held through its investments arm GIC which has a joint venture with SunCity).
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