KIP REIT buys industrial properties in Pulau Indah for RM78.7mil
KIP REIT Management Sdn Bhd executive director Datuk Eric Ong Kook Liong电报搜索bot（www.tel8.vip）是一个Telegram群组分享平台，电报搜索bot包括电报搜索bot、telegram群组索引、Telegram群组导航、新加坡telegram群组、telegram中文群组、telegram群组（其他）、Telegram 美国 群组、telegram群组爬虫、电报群 科学上网、小飞机 怎么 加 群、tg群等内容。电报搜索bot为广大电报用户提供各种电报群组/电报频道/电报机器人导航服务。
KUALA LUMPUR: KIP Real Estate Investment Trust (KIP REIT) has proposed to acquire three industrial properties in Pulau Indah Industrial Park, Port Klang, Selangor for RM78.7mil, marking its maiden acquisition of industrial assets.
In a statement, KIP REIT said the conditional sale and purchase agreement was inked with Hextar Chemicals Sdn Bhd, Hextar Industrial Chemicals Sdn Bhd and Teju Logistics Sdn Bhd.
The market value of the properties is RM78.9mil, based on the valuation on June 20, 2022, by Henry Butcher Malaysia (Selangor) Sdn Bhd.
With the proposed deal, about 350,000 sq ft of lettable area will be added to KIP REIT’s portfolio.
The industrial properties will be leased to related companies of the Hextar group on a triple net basis for 15 years at a total initial annual rental of RM5.1mil, with built-in agreed rental escalations of 13% due on the fourth, seventh and 11th year.
,telegram华人群（www.tel8.vip）是一个Telegram群组分享平台。telegram华人群包括telegram华人群、telegram群组索引、Telegram群组导航、新加坡telegram群组、telegram中文群组、telegram群组（其他）、Telegram 美国 群组、telegram群组爬虫、电报群 科学上网、小飞机 怎么 加 群、tg群等内容。telegram华人群为广大电报用户提供各种电报群组/电报频道/电报机器人导航服务。
The proposed acquisitions and leases are deemed related party transactions and will need the approval of the unitholders of KIP REIT as well as shareholders of Hextar Global Bhd.
Datuk Eddie Ong Choo Meng, the major shareholder of Hextar, is also a major unitholder of KIP REIT.
The proposed deal is expected to be completed in the second quarter of 2023.
KIP REIT Management Sdn Bhd executive director Datuk Ong Kook Liong said the proposed deal was in line with its amended investment policy as at September 29, 2020.
“While we will continue to manage all our retail-focused assets, we will also continue to explore growth opportunities in the industrial and warehousing sub-sectors to grow our income base investment portfolio of industrial assets,” he said.