KIP Real Estate Investment Trust (“KIP REIT”) announced on 23 August 2024 that Pacific Trustees Berhad, the trustee of KIP REIT, has entered into a conditional sale and purchase agreement for the proposed acquisition of a single storey hypermarket with basement in Gerik, Perak from Bluebros Hypermarket Sdn Bhd for a cash consideration of RM14.8 million. The terms of the acquisition include a tenancy of three years (subject to four consecutive automatic renewal terms of three years each) to be granted to TF Value-Mart Sdn Bhd.
 
The acquisition is intended to increase the strength of KIP REIT’s portfolio of retail assets as a community-centric mall real estate investment trust by adding a 9^th property to KIP REIT’s portfolio of retail assets. The acquisition is expected to be completed in the first quarter of 2025.
 
Skrine acted for KIP REIT in the transaction. The team comprised Partner, Jesy Ooi, and Senior Associate, Engy Tan.
 
Media coverage of the transaction can be accessed at:
 
https://www.edgeprop.my/content/1910254/kip-reit-acquires-land-gerik-rm148m   
 
https://www.businesstoday.com.my/2024/08/23/kip-reit-makes-3rd-asset-acquisition-this-year-for-rm14-8-million/