Sunway REIT plans major Putra Place renovation

Sunway Real Estate Investment Trust (Sunway REIT) has bought The Putra Place in a public auction for RM513.95 million, confirming a Business Times report yesterday.

Sunway REIT said the deal will provide geographical diversification and enlarge its portfolio of properties.

Sunway REIT Management Sdn Bhd, the manager for Sunway REIT, is planning a major renovation of the property under a turnaround exercise.

"Upon completion of this turnaround exercise, the manager believes that the property will enjoy upside on capital appreciation as well as improved yield," it said.