YNH, Sunway REIT extend Aeon Mall Seri Manjung sale by four months, add new conditions

• In an exchange filing, YNH Property said its wholly owned units Kar Sin Bhd and YNH Hospitality Sdn Bhd, together with RHB Trustees Bhd, the trustee of Sunway REIT, have mutually agreed to extend the conditional period of their sale and purchase agreement (SPA) signed on Jan 20, 2025.

KUALA LUMPUR (May 15): YNH Property Bhd (KL:YNHPROP) and Sunway Real Estate Investment Trust (Sunway REIT)(KL:SUNREIT) have agreed to take another four months to complete the sale of Aeon Mall Seri Manjung for RM138 million.

The deal was initially set for completion by Aug 20, 2025.

In an exchange filing, YNH Property said its wholly owned units Kar Sin Bhd and YNH Hospitality Sdn Bhd, together with RHB Trustees Bhd, the trustee of Sunway REIT, have mutually agreed to extend the conditional period of their sale and purchase agreement (SPA) signed on Jan 20, 2025.

Under the updated agreement, YNH Property must meet extra requirements before Sunway REIT pays the remaining amount. These include providing updated fitness certificates for 23 lifts and escalators, registering the generator set, and renewing the mall’s fire safety certificate.

“All other terms of the SPA shall remain unchanged, and are in full force and effect,” YNH Property said.

AEON Mall Seri Manjung is currently fully leased to Aeon Co (M) Bhd (KL:AEON) until December 2037.

YNH Property expects to gain RM12.03 million from the deal, and will use the proceeds to repay loans and fund working capital.

Sunway REIT, during its results announcement for its first quarter ended March 31, 2025, said it expects to complete the purchase of Aeon Mall Seri Manjung by the third quarter of 2025. Earlier, YNH Property had sold 163 Retail Park to Sunway REIT for RM215 million, with that deal finalised in October 2024, after two conditional period extensions.

At the time of writing on Thursday, shares of YNH Property were traded down half a sen or 1.28% to 38.5 sen, valuing the company at RM201.05 million.

Sunway REIT’s shares, meanwhile, were traded seven sen higher or 3.63% to RM2, valuing the company at RM6.85 billion.

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