Sunway REIT buys Putra Place for RM514m

KUALA LUMPUR: Sunway REIT has won an auction to acquire Putra Place, a property previously belonging to Metroplex Holdings Bhd but charged to the bank, for RM513.95 million.

Putra Place is located across from the Putra World Trade Centre in Kuala Lumpur.

It comprises an eight-level podium retail/ shopping complex known as “The Mall”, an office tower known as “100 Putra Place (from 10th to 33rd floors), a 25-storey five-star hotel (11th to 21st floors), service apartments (from 22nd to 34th floors) and penthouses (from 34th to 35th floors) known as “The Legend”.

The property also includes 1,323 car parking bays located at the basements.

According to Sunway REIT, the purchase price of RM513.95 million is the reserve price fixed for the property. It said independent valuation from Knight Frank had valued the property at RM576 million.

Sunway REIT will fund the purchase with a mixture of internal funds and bank borrowings. It said there are no liabilities to be assumed by the REIT with the acquisition.