KIP REIT chief executive officer Valerie Ong Pui Shan
KUALA LUMPUR: KIP Real Estate Investment Trust
(KIP REIT) has completed the acquisition of KIPMall Kota Warisan from Cahaya Serijaya Sdn Bhd for RM80mil.
This latest mall will expand KIP REIT’s portfolio to 11 assets, comprising AEON Mall Kinta City in Ipoh, the six existing KIPMalls in Bangi, Tampoi, Kota Tinggi, Masai, Senawang and Melaka, and the three industrial properties in Pulau Indah, Port Klang.
In a statement, KIP REIT said KIPMall Kota Warisan’s net lettable area of over 186,000 square feet will boost KIP REIT’s total net lettable area by almost 10% to over 2 million square feet.
“We have been targeting KIPMall Kota Warisan from day one since it checks all the boxes in our strategy plan of acquiring value-accretive assets which provide stable rental yield. We are delighted that this acquisition has been completed.
“This latest inclusion to the KIP REIT family will be a valuable asset to the portfolio as KIPMall Kota Warisan’s high 99% occupancy rate is able to provide both stable and attractive yield. We obviously will continue to look for community-centric retail assets, not forgetting industrial assets to further boost our unitholders’ long-term value,” chief executive officer Valerie Ong Pui Shan.
