“Sunway REIT completes the RM158 million acquisition and rebranding of Kluang Mall to Sunway Kluang Mall. Anchored by Pacific Hypermarket, the nearly fully occupied mall offers a 7% initial net property income yield, boosting Sunway REIT’s portfolio to 28 assets worth RM10.3 billion.“
Kuala Lumpur, 03rd Jan 2025, 11.40am – Sunway Real Estate Investment Trust (Sunway REIT) announced on Thursday that it has finalized the acquisition of Kluang Mall in Johor for RM158 million.
The mall, now rebranded as Sunway Kluang Mall, is nearly fully occupied with over 130 tenants and anchored by Pacific Hypermarket & Department Store. The property is expected to deliver an estimated initial net property income yield of 7%, according to a statement from the trust.
Clement Chen, Chief Executive Officer of Sunway REIT, expressed optimism about the acquisition’s potential. “We see significant opportunities to enhance the mall through tenancy optimisation, proactive management, and asset enhancement initiatives. These strategies will strengthen the mall’s growth prospects and deliver long-term value,” he said.
The addition of Sunway Kluang Mall expands Sunway REIT’s portfolio to 28 properties, valued at RM10.3 billion. The trust’s diversified portfolio now includes 13 retail properties, six hotels, five office buildings, an education asset, and three industrial sites.
This acquisition was initially announced in August 2024.
In Thursday’s trading session, Sunway REIT shares rose by two sen, or 1.1%, to RM1.87 by the midday break, giving the trust a market capitalization of RM6.4 billion. The trust recorded a nearly 28% gain on Bursa Malaysia last year, underscoring its robust performance in the property sector.
The move highlights Sunway REIT’s ongoing strategy to strengthen its position as a leader in Malaysia’s real estate investment market, leveraging new acquisitions to drive portfolio growth and diversify income streams.
