UEM Sunrise sells Australian serviced apartments to A-HTrust
A$120m cash deal allows state-owned Malaysian developer to recoup its capital and make a profit faster
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Kuala Lumpur
WELL ahead of the project's completion, UEM Sunrise Bhd has sold the serviced apartments component of its Aurora Melbourne Central mixed-use development for A$120 million (S$124 million) cash to Ascendas Hospitality Trust (A-HTrust) in a move that property consultants said would allow it to recoup its capital and make a profit faster.
UEM Sunrise said its wholly owned subsidiary UEM LaTrobe had entered into a contract of sale on Dec 3 with Ascendas Australia Hotel Trust (AAHT) for 252 apartments together with 10 car park lots and nearly 15,000 square metres gross floor area of retail space.
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