KUALA LUMPUR, Jan 30 — CapitaLand Malaysia Trust (CLMT) is actively in talks with related parties on the acquisition of additional properties in the Klang Valley, Johor, and Penang as part of its portfolio reconstitution efforts.

CapitaLand Malaysia REIT Management Sdn Bhd (CMRM) chief executive officer Tan Choon Siang said the company is pursuing inorganic growth by exploring yield-accretive investment opportunities in new asset classes, particularly industrial assets.

“At the same time, we are also looking at divesting low-yielding assets as part of the capital recycling effort,” he said during a virtual media briefing in conjunction with CLMT financial results today.

He emphasised that CMRM would also speed up its asset acquisition efforts, focusing on quality and yield-accretive assets in new sectors.

CLMT registered a net profit of RM163.66 million in the financial year ended December 31, 2023 (FY2023) versus RM50.42 million in FY2022, while revenue for the year climbed to RM395.39 million compared with RM275.82 million.

Tan said that FY2023 was an active year for CLMT as the trust completed over RM1.0 billion of acquisitions and a RM52 million maiden divestment.

“During the year, we also raised RM227.8 million via an equity fundraising exercise, increased our market capitalisation by 30 per cent to RM1.5 billion and delivered a total return of 12.1 per cent to unitholders,” he added.

In a statement, he said the company has intensified efforts to refresh its tenant mix and introduced new-to-market brands in its retail portfolio.

“As a result, our retail portfolio recorded an increased occupancy of 91.7 per cent as at December 31, 2023, and a positive rental reversion of 7.0 per cent in FY2023.

“Shopper traffic rose 25.1 per cent while tenant sales per square foot grew 7.8 per cent year-on-year, demonstrating improving retail sentiments and our ongoing efforts to enhance our retail malls,” Tan said.

As at December 31, 2023, CLMT’s portfolio valuation was RM5.0 billion as appraised by independent valuers, representing an increase of RM1.1 billion over the previous independent valuation of RM3.9 billion in FY2022 due to the inclusion of Queensbay Mall. — Bernama