Suntec REIT is announcing the sale of a 30% stake in its freshly renovated mall on 9 Penang Road, Singapore. The S$295.5 million valuation is 5.7% above valuation and 30.3% above total development cost.

Pro-forma, the manager expects the transaction to reduce leverage from 44.4% to 42.9% and increase NAV per unit to S$2.057 while keeping the distribution stable.