Sunway REIT has received approval from its unitholders to proceed with a MYR550 million (USD131 million) acquisition of three land parcels at Jalan Universiti in the Malaysian state of Selangor.

The REIT needed this approval as the transaction is deemed an interested person transaction, given the relationship between the sponsor of Sunway REIT, and the vendor of the land parcels, which is a subsidiary of the sponsor.

Sunway REIT first announced its intention to acquire the land parcels in late-2018.

Read: Sunway REIT acquires academic properties for USD131 million

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