Kuala Lumpur: Sentral Real Estate Investment Trust (REIT) Management Sdn Bhd has signed a conditional sale and purchase agreement (SPA) to acquire UEM Sunrise Bhd’s asset at Arcoris Plaza Development for RM70 million. The agreement was announced in a filing with Bursa Malaysia.

According to BERNAMA News Agency, the SPA was executed between Sentral and UEM’s subsidiaries, Arcoris Sdn Bhd (ASB) and Sun Victory Sdn Bhd (SVSB). The acquisition includes 38 stratified retail units and 1,432 car park bays located in Arcoris Plaza Development. An initial payment of RM7 million, representing 10 percent of the purchase price, will be made by Sentral to SVSB upon the SPA’s execution. The remaining RM63 million is to be deposited with SVSB’s solicitors, serving as stakeholders, within three months from the completion date or within an additional one-month extension period.

Sentral expressed optimism about the property’s prospects due to its strategic location, accessibility, and income potential. The property is situated in Mont Kiara, a mature neighborhood known for its large expatriate community and infrastructure, including international schools, commercial centers, and leisure facilities. The property’s proximity to Plaza Mont Kiara, another retail asset owned by Sentral, is expected to offer economies of scale within the neighborhood.

The property currently boasts full occupancy with a combination of gross turnover rental and fixed rental structures. Sentral anticipates that the acquisition will enhance value for its unitholders over the long term.