Sunway Real Estate Investment Trust (KLSE:SUNREIT) entered into a conditional sale and purchase agreement to acquire six hypermarkets in Klang Valley and Johor from Kwasa Properties Sdn. Bhd. for MYR 520 million on March 16, 2023.

The Purchase Consideration of 10% was paid by the Sunway REIT Trustee to the Kwasa Properties Sdn. Bhd. satisfied via Sunway REIT?s internally generated funds and 90% of the Purchase Consideration payable via Sunway REIT?s existing debt facilities.

The Proposed Acquisition is subject to the approval of the Unitholders, the approval or no objection from the Economic Planning Unit of the Prime Minister?s Office for the purchase of the Properties and the approval from the state authority. The Acquisition is expected to be completed in the fourth quarter of 2023. RHB Investment Bank and Kenanga Investment Bank acted as Financial advisor to Sunway REIT.

As of March 16, 2023, Kwasa Properties submitted the valuation reports for the Properties to Bursa Securities for the Proposed Acquisition. The transaction has been approved by shareholders of Sunway Real Estate Investment. on June 15, 2023.

As of September 19, 2023, the parties extended the closing period commencing from September 19, 2023 to November 20, 2023, to fulfil the conditions precedent. As of November 20, 2023 the parties extended the closing period commencing from November 21, 2023 to January 22, 2024. As of March 8, 2024 the parties extended the closing period commencing from January 23, 2024 to April 18, 2024.