KUALA LUMPUR (Dec 12): KIP Real Estate Investment Trust (KIP REIT) has completed the RM320 million acquisition of D’Pulze Shopping Centre in Cyberjaya.
In a statement on Thursday, KIP REIT said the acquisition of D’Pulze Shopping Centre, which generated a net property income (NPI) of RM22.8 million and an attractive yield of 7.1% in its previous financial year, was completed ahead of schedule.
This acquisition will enhance the group’s bottom line, it said. KIP REIT recorded an NPI of RM77.8 million for the financial year ended June 30, 2024, it added.
“The fully occupied seven-storey retail asset in Cyberjaya has a lettable area of 311,499 square feet, increasing the group’s total net lettable area by 15% to over 2.4 million square feet.
“With this acquisition, KIP REIT’s portfolio now includes 13 properties, comprising D’Pulze, seven KIPMalls, AEON Mall Kinta City in Ipoh, three industrial properties in Pulau Indah, and TF Value-Mart in Gerik,” it said.
KIP REIT chief executive officer Valerie Ong Pui Shan said the D’Pulze Shopping Centre acquisition represents a significant milestone in the group’s journey to enhance and diversify its portfolio.
“With its prime location in Cyberjaya and a robust tenancy profile, this asset is poised to contribute significantly to our income generation and further support our commitment to delivering consistent returns to our unitholders.
“With the inclusion of D’Pulze Shopping Centre and our recent acquisitions, we are steadily moving closer to achieving our RM2 billion target in total assets under management,” Ong said.
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Source: EdgeProp.my
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