KUALA LUMPUR: The Employees Provident Fund (EPF) has emerged as KIP Real Estate Investment Trust's (KIP Reit) substantial unitholder, after acquiring a 6.07 per cent stake in the REIT.
With its current stake of over 6 per cent, EPF's standing as a substantial unitholder further solidifies its confidence in KIP Reit's strategic direction and growth potential.
In a statement today, KIP Reit said the private placement involved the issuance of up to 180.0 million placement units at 83 sen per unit, raising gross proceeds of up to RM146.70 million.
"The funds will be utilised to partly finance the RM320 million acquisition of D'Pulze Shopping Centre in Cyberjaya and cover related expenses," it said.
KIP Reit chief executive officer Valerie Ong Pui Shan said this is a testament toThe company's strong fundamentals, income-generating capabilities, and strategic growth initiatives.
"This is a pivotal moment in KIP REIT's journey, as we continue to attract esteemed institutional investors like EPF. "Its support strengthens our position as a trusted investment platform and fuels our commitment to achieve sustained growth and deliver exceptional value to all stakeholders," said Ong.
With EPF among its key unitholders, KIP REIT is better positioned to advance its growth strategy, enhance its portfolio, and create long-term value for its unitholders.
In the financial year ended June 30, 2024, KIP REIT's net property income grew by 25.2 per cent to RM77.8 million.
This success is driven by its strategically diversified portfolio of retail and industrial properties located across Malaysia.
Recent acquisitions, such as TF Value-Mart in Gerik, and the addition of D'Pulze Shopping Centre, reaffirm KIP REIT's commitment to expand its footprint in high-growth locations and deliver consistent returns.Ends