KUALA LUMPUR: KIP Real Estate Investment Trust (REIT) has received the green light from unitholders to acquire KIPMall Kota Warisan for RM80mil cash.
In a statement, the REIT said the proposed acquisition was one of two proposals approved at the virtual extraordinary general meeting.
The second was a proposed private placement of up to 12.27 million new units in KIP REIT at an yet-to-be determined issue price to raise about RM10mil.
KIPMall Kota Warisan houses a one and a half-storey retail centre, with net lettable area of approximately 17,300 square metres, on freehold land in Dengkil, Selangor.
KIP REIT CEO Valerie Ong Pui Shan said it is on track to completing the acquisition of KIPMall Kota Warisan by the first quarter of 2024.
She added that the REIT's retail properties have seen extremely encouraging occupancy rates with an average occupancy rate of 92.3% in FY23.
"This is proof that we are attracting the right shopper and tenant mix," she said.