BURSA ANNOUNCEMENTS

Date : 31 October 2019

OTHERS SUNWAY BERHAD ("SUNWAY") - ESTABLISHMENT OF A PRIVATE TRUST IN SINGAPORE 1) SHAREHOLDERS' AGREEMENT BETWEEN SUNWAY RE CAPITAL ADVISORS (SG) PTE LTD (SUBSIDIARY OF SUNWAY), MANSION PROPERTY MANAGEMENT LIMITED AND SUNWAY RE CAPITAL ADVISORS (UK) LIMITED (SUBSIDIARY OF SUNWAY) 2) ACQUISITION OF PURPOSE-BUILT STUDENT ACCOMMODATIONS BY SUNWAY RESIDENCE (GUERNSEY) LIMITED, A SPECIAL PURPOSE VEHICLE OF SUNWAY RESIDENCE TRUST

SUNWAY BERHAD

Type Announcement
Subject OTHERS
Description
SUNWAY BERHAD ("SUNWAY")
- ESTABLISHMENT OF A PRIVATE TRUST IN SINGAPORE
1) SHAREHOLDERS' AGREEMENT BETWEEN SUNWAY RE CAPITAL ADVISORS (SG) PTE LTD (SUBSIDIARY OF SUNWAY), MANSION PROPERTY MANAGEMENT LIMITED AND SUNWAY RE CAPITAL ADVISORS (UK) LIMITED (SUBSIDIARY OF SUNWAY) 
2) ACQUISITION OF PURPOSE-BUILT STUDENT ACCOMMODATIONS BY SUNWAY RESIDENCE (GUERNSEY) LIMITED, A SPECIAL PURPOSE VEHICLE OF SUNWAY RESIDENCE TRUST

We refer to our announcements dated 16 October 2019, 23 October 2019 and 25 October 2019 in relation to the establishment of a private trust known as Sunway Residence Trust (“Trust”) in Singapore and incorporation of Sunway Residence (Guernsey) Limited (“SRG”) and Sunway RE Capital Advisors (UK) Limited (“UK Fund Manager”) respectively.

 

The Board of Directors of Sunway wishes to announce that SRG has on 30 October 2019 entered into 3 agreements (collectively, “SPAs”) with the following parties to acquire purpose-built student accommodations as stated below (“Proposed Acquisition”):

 

(i) Contract for Sale of Freehold Land with Colston Property Developments LLP (“Colston”) as vendor and MG Markey Group Limited as guarantor for the acquisition of a freehold property known as The Colston, 8 Colston Avenue, Bristol, BS1 4ST, United Kingdom (“UK”) (“Colston Property”) at a total purchase consideration of £9,122,300 which is equivalent to approximately RM49.2 million [exclusive of value added tax (“VAT”)];

 

(ii) Contract for Sale of Freehold Land with Marboot Centregate Ltd (“Marboot”) as vendor and Henry Boot Developments Limited as guarantor for the acquisition of a freehold property known as Centregate, Colston Avenue, Bristol, BS1 4TR, UK (“Centregate Property”) at a total consideration of £9,526,300 which is equivalent to approximately RM51.3 million (exclusive of VAT); and

 

(iii) Agreement for Sale with Make Space Redvers Limited (“Make Space”) as vendor, Redvers Development Limited as developer as well as Mr Anthony Leonard Harris, Mr Andrew Simon Clarfield, Baby Chicken Limited, Mr Ivor Spiro, Mr Max David Miller, Mr Mark Howard Gershinson, Mr Max William Simon Ashton, Mr Peter David Needleman and Mr Robin Julian Alvarez as guarantors to acquire a freehold property at Redvers House, Union Street, Sheffield S1 2JQ, UK (“Redvers Property”) at a total consideration of £18,976,300 which is equivalent to approximately RM102.3 million (exclusive of VAT).

 

Sunway RE Capital Advisors (SG) Pte Ltd (“SG Fund Manager”) and the UK Fund Manager have on even date, entered into a Shareholders’ Agreement (“SHA”) with Mansion Property Management Limited (“MPML”) to regulate the rights of the SG Fund Manager and MPML in relation to the UK Fund Manager which is established solely for the purpose of providing investment advisory and management services to SRG pertaining to  investments in purpose-built student accommodation (“Proposed Joint Venture”).      

 

Please refer to the attachment below for further details of the Proposed Joint Venture and Proposed Acquisition.

 

This announcement is dated 31 October 2019.




Please refer attachment below.



Announcement Info

Company Name SUNWAY BERHAD
Stock Name SUNWAY
Date Announced 31 Oct 2019
Category General Announcement for PLC
Reference Number GA1-25102019-00036


Back