22-07-2025
KIP-REIT gets nod for retail property buy
KUALA LUMPUR: KIP Real Estate Investment Trust (KIP-REIT) unit holders approved at its EGM yesterday the group's expansion plan to acquire four retail properties in Kuantan and Selangor for RM118mil and a concurrent private placement to raise RM132mil.
It stated that the four newly approved assets, KIPMall Desa Coalfields, Lotus's Indera Mahkota, and two commercial buildings within an integrated development in Kuantan, are projected to contribute a combined revenue of RM11.3mil and net property income of RM8mil in the first full year of operation.
'This is equivalent to 11.7% and 11.6% of the group's nine-month financial year 2025 revenue of RM96.2mil and net property income of RM68.8mil, respectively, highlighting the strong earnings accretion potential of the expansion,' it said.
