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Asia Equity nods KIP REIT’s acquisition of Kota Warisan mall

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The RM80 million acquisition will be partially funded by a mixture of bank borrowings and private placement.

The one-and-a-half storey KIPMall Kota Warisan in Sepang is currently owned by Cahaya Serijaya Sdn Bhd.

The proposed bid, which was launched in June, involves KIP REIT taking over the one-and-a-half storey commercial centre, as well as the land piece, from Cahaya Serijaya Sdn Bhd. In order to fund the acquisition partially, KIP REIT Management has proposed a RM10 million private placement of up to 12.269 million units. Another RM47.93 million, on the other hand, will be funded by bank borrowings.

Furthermore, KIP REIT said that KIPMall Kota Warisan is relatively new, which would reduce its maintenance costs – estimated at RM800,000 annually.

 

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