Sunway REIT is a diversified REIT with a focus on retail malls. It owns 17 assets from the retail, hotel, office, services, and industrial sectors in Klang Valley, Penang, and Perak. The majority of its assets are concentrated in Sunway City in Selangor.
Its total property value stood at RM8.0 billion as of June 2020. It aims to grow its property value to between RM13 and RM15 billion by 2025 in line with its TRANSCEND 2025 strategy by acquiring and growing its services and industrial properties.
Here are five things I learned from the 2020 Sunway REIT AGM and EGM.
- In 2020, the REIT’s retail and hotel properties, its two largest segments contributed to about 80% of the REIT’s revenue. Revenue from the retail segment dropped 14.5% to RM364.7 million year-on-year because of lower rental and carpark income in the second half of financial year 2020.