KIP-REIT’s green initiatives mitigate power costs

KIP-REIT is aggressively looking for acquisition opportunities in both the retail and industrial space in line with its investment policy, said Ong.

PETALING JAYA: KIP Real Estate Investment Trust (KIP-REIT) is optimistic about concluding its financial year ending June 30, 2023 (FY23) on a strong note despite facing an increase in electricity-tariff billing during the third quarter.

Chief executive officer Valerie Ong Pui Shan said it has managed to mitigate the impact of the higher power bill on its financials thanks to its focus on environmental, social and governance initiatives, particularly with the installation of solar panels in all its malls, excluding master-leased properties. A master-leased property is where KIP-REIT, leases the entire property from the owner, and sub-leases parts of the property to other tenants.