Malaysia’s KIP REIT To Add Industrial And Commercial Properties To Its Assets Portfolio (New Straits Times)
October 21, 2020 – KIP Real Estate Investment Trust (KIP REIT), a pure retail player, will diversify its assets portfolio to include real estate used for industrial and commercial purposes.
Unitholders had, during KIP REIT’s shareholders’ meeting held on September 29, 2020, approved the proposal to amend its existing investment policy enabling the Manager (of KIP REIT) to diversify its assets portfolio.
KIP REIT said in a filing with Bursa Malaysia that the amended policy provides the Manager a new avenue to source and evaluate offers from a broader range of assets to grow the fund.
A diversified product portfolio would also create greater value for its unitholders with more diverse income-producing assets, it said.
KIP REIT Management Sdn Bhd managing director Datuk Chew Lak Seong said there are challenges currently, due to the Covid-19 pandemic.
“Shopper traffic has gradually normalised albeit at a muted rate at all our malls since the implementation of the recovery Movement Control Order (MCO) back in June 2020. Operationally, proactive measures will continue to be taken, including supporting our tenants through active engagement in open discourse on community updates.
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