The AEI encompasses an addition of a 51,000 sq ft area to facilitate a new anchor tenant — ST Rosyam Mart — modernising retail outlets, mall entrance renovations, air-conditioning system enhancement and firefighting system upgrade.
KIPMall Kota Warisan houses a one-and-a-half-storey retail centre, with a net lettable area of approximately 17,300 sq m on a freehold land in Dengkil, Sepang in Selangor.
The all-cash deal is deemed a related party transaction as KIP REIT’s major unitholder Datuk Ong Kook Liong is also a director and major shareholder of Cahaya Serijaya.
The acquisition, which is expected to be completed by the first quarter next year, will expand the KIP REIT’s portfolio to 11 assets.
KUALA LUMPUR (Sept 11): Businessman Datuk Eddie Ong Choo Meng (pictured) “could emerge as a substantial unitholder of retail KIP Real Estate Investment Trust as early as this week”, The Edge Malaysia reported in its latest issue.
SEPANG (June 10): KIPMall, the retail segment under KIP Group, is committed to being part of the “go green” community by installing Solar Photovoltaic Systems (PV) for electricity to be generated at a lower tariff and allowing a reduction in carbon footprint.
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