KUALA LUMPUR (Feb 7): KIP Real Estate Investment Trust (KIP REIT) will be looking for acquisition opportunities in Malaysia to expand its KiP brand of hybrid community-centric retail centres nationwide.
KIP REIT managing director Datuk Chew Lak Seong, who is also KIP Group co-founder, said the KiP brand of hybrid community-centric retail centres including KiP Mart and KiP Mall are targeting the mass consumer’s daily needs.
“Serving the function of a traditional community market, KiP Mart has more to offer as it strives to provide good amenities and conducive environment for both vendors and consumers,” he said in his speech at the KiP REIT appreciation night yesterday following the listing of the REIT on Bursa Malaysia earlier that day.
KIP REIT Management Sdn Bhd CEO Lim Han Gie said KIP REIT is looking at expansion opportunities in the northern and east coast regions of the country.
Meanwhile, executive director Datuk Ong Kook Liong said the listing of KIP REIT marks a new milestone for KIP Group, which was established in 1993.
KIP REIT, the first REIT listed on Bursa’s main market this year, raised RM234.2 million during its initial public offering (IPO) for the acquisition of six KiP brand retail centres in Johor, Melaka and Selangor from KIP Group.
KIP REIT ended its maiden trading day 0.5 sen or 0.5% lower at 99.5 sen, versus its initial public offering price of RM1 per unit.
At its listing ceremony yesterday, the REIT opened at RM1.04, representing a 4% premium over its offer price. However, the counter subsequently declined to touch an intraday low of 98.5 sen before ending the day at 99.5 sen.
The six assets are KiP Mart Tampoi, KiP Mart Kota Tinggi, KiP Mart Masai, KiP Mart Senawang, KiP Mart Melaka and KiP Mall Bangi.
Among the on-going KiP brand retail centres is the KiP Mall Kota Warisan, which is slated to be completed in the second quarter of this year.