Share
PETALING JAYA (April 29): UOA Real Estate Investment Trust's (UOA REIT) proposed acquisition of three commercial properties for RM200 million has been called off after unitholders voted against the deal at an adjourned unitholders' meeting held today.
The resolution in respect of the proposed acquisitions — which involved the purchase of three commercial properties from Everise Project Sdn Bhd, a 60% subsidiary of UOA Development Bhd — was not carried at the meeting, according to UOA REIT's announcement on Bursa Malaysia.
As unitholder approval was a condition precedent to the completion of the deals, both parties have exercised their rights to rescind the sale and purchase agreements (SPAs).
The SPAs are now null and void, and all monies paid, if any, will be dealt with in accordance with the terms of the SPAs.
Neither party shall have any claims against the other arising from or in connection with the SPAs, save for any antecedent breach.
The properties are located within UOA Business Park in Glenmarie, Shah Alam.
The proposed acquisitions had been in the pipeline since at least October 2025, with a series of announcements filed between October 2025 and March 2026 before the matter was put to unitholders today.
Notably, a separate resolution tabled at the same meeting — the proposed establishment of an Income Distribution Reinvestment Plan (IDRP) — was approved by unitholders and will be implemented accordingly.
The rejection is a setback for UOA REIT's growth strategy, as the three commercial properties would have expanded the trust's portfolio.
The acquisitions were also related party transactions, with the vendor Everise Project being a subsidiary of UOA Development Bhd, which is the sponsor of UOA REIT — a structure that typically draws closer scrutiny from unitholders.
..........
EdgeProp's monthly print edition is out! Free delivery is available for selected regions. Subscribe now.
