PETALING JAYA: Sunway Bhd is setting up a private trust in Singapore known as Sunway Residence Trust with an initial asset under management of about £38 million (RM203 million).
Sunway told Bursa Malaysia that its subsidiary Sunway RE Capital Advisors (SG) Pte Ltd had executed a trust deed with RBC Investor Services Trust Singapore Ltd for the move.
The trust will acquire purpose-built student accommodation in the UK via a special purpose vehicle to be set up in Guernsey.
Upon acquisition, Sunway RE will establish a fund manager in the UK to provide fund management services and appoint an operator to manage the properties.
The purpose of the trust is to invest in high quality, well located student accommodation with potential for long term capital appreciation and sustainable income that will be yield accretive to the portfolio.
Sunway said the fund management platform over time will generate recurring management fees.
