Aseana Properties, the AIM-listed Asian property developer investing in Malaysia and Vietnam, will today announce that it has completed its first acquisition since listing on the London Stock Exchange in April

Aseana has bought four properties in Malaysia offering a mix of residential and commercial projects in various stages of development.

The assets have been bought from Ireka Corporation Berhad for around $63.4m (£31.7m). The total outlay is made up of $48.9m (£25m) in Aseana shares and $14.5m (£7.25m) in cash.

The projects comprise the 35-storey i-Zen@Kiara condominium tower, the Tiffani condominium development featuring two adjacent 36-storey blocks and a 28-storey block, the One Mont' Kiara mixed commercial development comprising a 17-storey office tower, a 33-storey office suite block and a five-storey retail complex and the Sandakan Harbour Square retail and hotel project.

The first three projects are located in Kuala Lumpur, while the last is situated in Sabah, east Malaysia. All four properties have a total gross development value of $402m (£201m).

Dato’ Mohammed Azlan bin Hashim, chairman of Aseana Properties, said: ‘These initial properties perfectly illustrate the kind of opportunities Aseana will target and provide a solid foundation as we build our portfolio and aim to become fully invested over the next 11 months.’