PETALING JAYA: KIP Real Estate Investment Trust (KIP REIT) registered a gross revenue of RM22.4 million for the first quarter ended Sept 30, 2023 (Q1’...
Ong says KIP REIT is on the lookout to enhance its industrial portfolio if the right opportunity arises.KIP Real Estate Investment Trust registered a gross revenue of RM22.4 million for the first quarter ended Sept 30, 2023 which translated to a 15.6% increase compared with RM19.3 million in the preceding year’s corresponding quarter.
The higher PAT was a result of the contribution from its three industrial properties and higher occupancy rate for retail. The revenue split between the investment properties in the retail and industrial segment was 94.3% and 5.7% respectively. KIP REIT CEO Valerie Ong Pui Shan said, “KIP REIT has kickstarted the new financial year on a strong footing. With occupancy rates of over 90% across many of our KIPMalls, this demonstrates our ability to attract the right mix of shoppers and tenants to our properties. The retail segment will remain as the primary engine of growth for KIP REIT.”
Furthermore, she said, following its seventh annual general meeting in early October, it has obtained unitholders’ approval for the proposed acquisition of KIPMall Kota Warisan.
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