KIP Real Estate Investment Trust (“KIP REIT”), through its trustee Pacific Trustees Berhad, has entered into an agreement with AEON CO. (M) BHD (“AEON”) to undertake a RM160 million expansion of the existing AEON Mall Kinta City in Ipoh, Perak Darul Ridzuan.
 
The expansion will increase the mall's net lettable area by 30 per cent to about 580,000 square feet and is expected to be completed in the fourth quarter of year 2027. AEON will extend its lease by 25 years until 2055 and upon completion of the expansion, KIP REIT is expected to generate approximately RM12.8 million in annual gross rental income under its lease to AEON.
 
Skrine advised KIP REIT in this matter. The team comprised Partners Jesy Ooi, Richard Khoo and Rachel Chiah, and Associate Cynthia Lam.
 
Media coverage of the transaction can be accessed at:
 
https://theedgemalaysia.com/node/792924
 
https://www.nst.com.my/business/corporate/2026/02/1378446/kip-reit-expand-aeon-mall-kinta-city-under-rm160mil-development
 
https://www.thestar.com.my/business/business-news/2026/02/17/aeon-mall-expansion-to-enhance-kip-reit-income