KIP Real Estate Investment Trust (KIP REIT) announced the completion of its proposed acquisition of KIPMall Kota Warisan from Cahaya Serijaya Sdn Bhd for RM80 million.
In a statement, the REIT said the 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 three industrial properties in Pulau Indah, Port Klang.
“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,” it said today (Feb 8).
KIPMall Kota Warisan, located in Sepang, Selangor, is fronting the main road, surrounded by other developments such as Glomac Saujana, the Sunsuria Serenia Township and Xiamen University campus with easy connectivity to major highways such as the Damansara Puchong Highway.
KIP REIT chief executive officer Valerie Ong Pui Shan said the REIT has been targeting the KIPMall from day one since it checks all the boxes in its 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,” she said.
