Sentral REIT acquires retail units in Mont Kiara for RM70mil
PETALING JAYA: Sentral Real Estate Investment Trust (Sentral REIT ) is acquiring 38 stratified retail units and 1,432 car park bays as part of the Arcoris Plaza Development from UEM Sunrise Bhd for RM70mil.
In a filing with Bursa Malaysia, Sentral REIT said the property is strategically located in Mont Kiara, Kuala Lumpur.
'Mont Kiara is a mature neighbourhood with a large expatriate population, and it fulfils the criteria of a strategic location with good infrastructure, reputable international schools, bustling commercial centres, entertainment and leisure facilities.
'Sentral REIT will be able to take advantage of greater economies of scale in the Mont Kiara neighborhood with the purchase of the property. This enables the company to leverage its existing resources (property management and leasing team) to manage the operations at the property.'
Sentral REIT said the prospects of the property are expected to be positive in view of its strategic location, good accessibility, good income stream. 'Premised on the above, the manager believes that the property will add value to the unitholders in the long run.'
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