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.
Sunway REIT said the sale is part of Sunway REIT’s strategy to recycle assets.
This marks the highest DPU for Sunway REIT since it was listed on the Main Market in July 2010.
The property is 100% leased to supermarket chain operator AEON Co (M) Bhd (KL:AEON), whose lease will last another 13 years until Dec 3, 2037.
Sunway 163 is presently 99% occupied, with over 100 tenants and brands with a diverse range of retail offerings, catering to a catchment encompassing Mont’ Kiara, Hartamas and Segambut.
YNH Property in January announced its plan to sell the seven-storey retail shopping centre to Sunway REIT for RM215 million in cash.
“There are no liquidated damages or penalties that the company needs to compensate [concerning the SPA with ALX Asset].
The contraction in Sunway REIT’s NPI was attributed to higher reversal of doubtful debt provision recorded in 4QFY2022 and the impact of increased Imbalance Cost Pass-Through (ICPT) electricity charges across all segments.
YNH had previously inked an agreement in November 2022 to sell the mall for RM270.
For the first half ended June 30, Sunway REIT’s NPI advanced 12.
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