Lestari Cooling Energy Sdn Bhd has activated its operating platform with its first investment into assets owned by KIP Real Estate Investment Trust (KIP REIT), involving a 20-year cooling services agreement covering eight KIPMall locations with total capital deployment of about RM23 million.
Under the arrangement, Lestari assumes the asset ownership and capital investment role for the project, while KJ Technical Services Sdn Bhd will continue providing operations and maintenance services as well as chilled water supply. KJ Engineering Sdn Bhd will undertake engineering, procurement, construction and commissioning works.
The agreement covers retrofit works, operations and maintenance services and chilled water supply for eight KIPMall properties until July 2046. Seven sites are already operational, including KIPMall Bangi, Tampoi, Masai, Kota Tinggi, Kota Warisan, Senawang and Melaka, while KIPMall Desa Coalfields is expected to commence operations between May and July 2026.
Lestari is a joint venture platform between Stonepeak, Kumpulan Wang Persaraan (Diperbadankan), and KJTS Group Bhd’s wholly owned subsidiary, KJ Technical.
Lestari said the project supports Malaysia’s National Energy Transition Roadmap by improving energy efficiency across the commercial real estate sector. The platform is expected to be capitalised at up to RM1.5 billion through aggregate commitments and debt funding, targeting more than RM2 billion in annual project deployment opportunities.
