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KIP REIT Unitholders Approve RM80m Acquisition of KIPMall Kota Warisan

The Malaysian Reserve ·  Oct 10, 2023 10:21

Unitholders of KIP Real Estate Investment Trust (KIP REIT) have approved the acquisition of KIPMall Kota Warisan in Sepang for RM80 million.

The vote took place at an EGM today, where 99.98% of voting units, held by 87 unitholders totaling 226.64 million units, were in favor of the acquisition.

KIPMall Kota Warisan is a retail center with a net lettable area of approximately 17,300 sq m in Selangor.

Additionally, the resolution for a proposed private placement of up to 12.27 million new units in KIP REIT to raise RM10 million was passed.

This private placement will partially fund the acquisition.

KIP REIT's CEO, Valerie Ong Pui Shan, expressed confidence in the trust's strategic direction and highlighted their strong occupancy rates.

The acquisition of KIPMall Kota Warisan is expected to be completed by the first quarter of 2024.

KIP REIT's units closed 0.56% higher at 89.5 sen today, with a market capitalisation of RM539.64 million.

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