KIP REIT to Inject Up to MYR160 Million to Expand Shopping Mall

MT Newswires Live

02/16

KIP Real Estate Investment Trust (KLSE:KIPREIT) is set to invest up to 160 million ringgit to expand its shopping mall in Perak, Malaysia, according to a Friday Malaysian bourse filing.

Shares gained 1% in Monday's late morning trade.

The construction will be done under an agreement to build signed with AEON Co. (M) (KLSE:AEON).

The proposed expansion will add about 225,990 square feet of gross floor area and 229 car park bays, with construction expected to take 17 months, according to the filing.

Upon completion, AEON will lease the expanded area.

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