KIP REIT believes that owning community-centric retail centres will give it an edge with investors. The REIT debuted on the Main Market at a four-sen premium yesterday on a volume of 1.78 million shares
KUALA LUMPUR: KIP Real Estate Investment Trust
(KIP REIT) made a firm debut on Bursa Malaysia on Monday, opening at RM1.04, which was four sen above its offer price of RM1.
At 9.18am, it was up one sen to RM1.01 with 7.13 million shares done.
The FBM KLCI rose 3.79 points or 0.22% to 1,688.80. Turnover was 277.09 million shares valued at RM102.98mil. There were 247 gainers, 110 losers and 233 counters unchanged.
Its initial public offering (IPO) raised at least RM234mil
StarBiz reported the investment trust’s portfolio will focus on hybrid community-centric retail centres.
The bulk of the IPO proceeds would be used purchase property assets consisting of five KiP Marts located in Tampoi, Kota Tinggi, Masai, Senawang and Malacca, and a neighbourhood retail centre known as KiP Mall in Bangi.
The assets which were owned by KIP Group, would put the investment trust on a sustainable, long-term positive growth trajectory post-acquisition.
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