Sunway Bhd, a Malaysian property manager to retailing company, is investing 202.8 million Malaysian Ringgit ($48.6 million) in purchasing three purpose-built student accommodations in the UK.

Sunway Bhd, through its recently incorporated company, Sunway Residence (Guernsey) Ltd., has inked agreements with Colston Property Developments LLP, Marboot Centregate Ltd. and Make Space Redvers Ltd. to effect the acquisitions.

The properties that are being bought by Sunway include the Colston for $11.8 million, Centregate Property for 12.3 million, and Redvers House for $24.5 million.

The proposed acquisition is expected to provide Sunway with geographical and sectoral diversification, as well as a stable and sustainable income stream.