Bursa Malaysia Main Market listed KIP Real Estate Investment Trust (“KIP REIT”) announced on 27 April 2026 that Pacific Trustees Berhad, the trustee of KIP REIT, has entered into a conditional agreement with Festiva Mall Sdn. Bhd., an indirect wholly owned subsidiary of Singapore-listed Frasers Property Limited, to acquire Setapak Central Mall in Kuala Lumpur for a total cash consideration of RM435 million.
 
Setapak Central Mall has a 99.89% occupancy rate as at 28 February 2026 and a net lettable area of 514,777 square feet. Upon completion, Setapak Central will become KIP REIT's 19th asset and its largest by value. The acquisition will expand KIP REIT's total property value by approximately 26.1%, from RM1.7 billion to RM2.10 billion, ahead of its 2027 target of RM2 billion.
 
Skrine advised KIP REIT in this matter. The team comprised Partners Jesy Ooi, Engy Tan, Ashok Kumar and Sheba Gumis; Senior Associates Joey Tiw and Faith Chan; Associates Cynthia Lam, Sarah Aida binti Mohammad Ali and Lim Chin Lun; and Pupils Pravinan Lai and Shilyn Chua.
 
Media coverage of the transaction can be accessed at:
 
https://theedgemalaysia.com/node/801489
 
https://www.thestar.com.my/business/business-news/2026/04/27/kip-reit-posts-stronger-3q-earnings-proposes-rm435mil-setapak-central-acquisition
 
https://www.nst.com.my/business/corporate/2026/04/1427534/kip-reit-acquire-setapak-central-rm435mil
 
https://www.bernama.com/en/region/news.php?id=2550052
 
https://www.businesstoday.com.my/2026/04/27/kip-reit-3q-npi-up-17-to-rm32-million-announces-rm435-mall-acquisition/
 
https://www.edgeprop.my/content/1915967/kip-reit-acquire-setapak-central-mall-rm435m-plans-unit-placement-fund-deal
 
https://www.bharian.com.my/bisnes/korporat/2026/04/1539001/kip-reit-beli-setapak-central-rm435-juta-perkukuh-portfolio