“Thankfully, our retail assets are not the traditional shopping malls. We performed fairly well even during the last two years of the pandemic,” KIP-REIT Management Sdn Bhd’s executive director Datuk Eric Ong Kook Liong says.
AFTER about five years as a pure retail player, KIP Real Estate Investment Trust
(KIP-REIT) is diversifying its asset portfolio to include real estate in the booming industrial segment.
Its maiden venture is the proposed acquisition of three industrial properties in Pulau Indah worth RM78.7mil, which it is buying from agrochemicals company Hextar Global Bhd and its major shareholder Datuk Eddie Ong Choo Meng. The businessman is also a substantial unitholder of KIP-REIT, emerging as an investor in September last year. He holds a 20.1% stake in the REIT.
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