KUALA LUMPUR, Dec 6 — The Employees Provident Fund (EPF) has become a substantial unitholder of KIP Real Estate Investment Trust (KIP REIT) following the successful conclusion of the group’s recent private placement.

With its current stake of over six per cent, EPF’s standing as a substantial unitholder further solidifies its confidence in KIP REIT’s strategic direction and growth potential.

"The private placement involved the issuance of up to 180.0 million placement units at 82.5 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,” KIP REIT said in a statement.

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, 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 the group’s commitment to expand its footprint in high-growth locations and deliver consistent returns.

KIP REIT chief executive officer Valerie Ong Pui Shan said EPF’s support strengthens the group’s position as a trusted investment platform and fuels our commitment to achieve sustained growth and deliver exceptional value to all stakeholders. — Bernama