Pacific Trustees Bhd, the trustee of KIP Real Estate Investment Trust (KIP REIT), has completed the acquisition of D'Pulze Shopping Centre in Cyberjaya, its largest-ever acquisition to date, for RM320 million.

This acquisition is partially financed through the proposed fifth issuance of sustainability-linked medium-term notes, reflecting KIP REIT's commitment to integrating environmental considerations into its funding strategies.

KIP Reit said the acquisition of D'Pulze Shopping Centre, which generated a net property income (NPI) of RM22.8 million in its previous financial year and offered an attractive yield of 7.1%, will further boost its bottomline where it recorded a total NPI of RM77.8 million for its financial year ended June 30, 2024.

The acquisition of the seven-storey retail asset located in Cyberjaya, Selangor, is also set to boost the KIP REIT's total net lettable area by approximately 15% to over 2.4 million sq ft as the retail mall has a lettable area of 311,499 sq ft.

With this acquisition, KIP REIT's total portfolio now comprises 13 properties.