UOA REIT is announcing the acquisition of UOA Corporate Tower (in Bangsar South, Malaysia) from its sponsor UOA Development Bhd. The 38 storey office tower, purchased at a price of RM700 million, is currently 93% occupied. It's a 99 year leasehold property with 86 years left on the lease.

Consequently, the trust is also launching a private placement of up to RM282 million to help finance the operation.