KIP REIT chief executive officer Valerie Ong Pui Shan
KUALA LUMPUR: KIP Real Estate Investment Trust
(REIT) has announced that unitholders have approved its proposed acquisition of four industrial properties valued at RM98.3mil.
In a statement, the REIT said it had received the nod at its extraordinary general meeting to purchase the properties in Selangor, Sarawak and Johor, which have a collective net lettable area of over 650,000 sq ft.
"The group has managed to secure long-term master lease agreements for these four industrial properties, featuring rental increments every three years to ensure sustainable growth," it said.
These assets are expected to deliver rental yields ranging from 6.6% to 7.6%.
The acquisitions will be fully funded through cash considerations.
Upon completion, KIP REIT’s property portfolio value is projected to reach an estimated RM1.5bil, with the total net lettable area expanding to 3.1 million square feet.
“As we continue to evolve with market demands, KIP REIT remains committed to identifying high-yielding, strategic assets that drive long-term growth and returns for its stakeholders.
"These acquisitions reinforce our commitment to adapt to market trends and build a resilient investment platform," said KIP REIT CEO Valerie Ong.
