KIP REIT Management Sdn Bhd executive director Datuk Ong Kook Liong said the the proposed deal is in line with KIP REIT’s amended investment policy as at Sept 29, 2020.新2备用网址（www.hg108.vip）是一个开放新2网址即时比分、新2网址代理最新登录线路、新2网址会员最新登录线路、新2网址代理APP下载、新2网址会员APP下载、新2网址线路APP下载、新2网址电脑版下载、新2网址手机版下载的新2新现金网平台。新2网址登录线路最新、新2皇冠网址更新最快,皇冠体育APP开放皇冠会员注册、皇冠代理开户等业务。
KUALA LUMPUR: KIP Real Estate Investment Trust (KIP REIT) will buy three industrial properties in Pulau Indah Industrial Park, Port Klang, Selangor, for RM78.7mil, in its maiden acquisition of industrial assets.
KIP REIT said in a statement the conditional deal 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 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 into 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.
KIP REIT currently has a portfolio of seven properties, which comprises of six KIP Malls, located in Bangi, Tampoi, Kota Tinggi, Masai, Senawang, Melaka and AEON Mall Kinta City in Ipoh. It has a total net lettable area of over 1,478,000 sq ft and total asset value of RM845.2mil.,
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 the proposed deal is in line with KIP REIT’s amended investment policy as at Sept 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.
In a statement, Hextar Global said it would receive RM27mil cash from KIP REIT for the sale of Hextar Chemicals’ manufacturing facility in Pulau Indah Industrial Park.
The RM27mil cash proceeds will be used towards financing the working capital of Hextar Global, after defraying transaction expenses.