KIP-REIT completes unit placement

PETALING JAYA: KIP Real Estate Investment Trust (KIP-REIT) has completed the second tranche of its private placement exercise, comprising 37 million new units issued at RM0.825 per unit, raising gross proceeds of RM30.5mil.

KIP-REIT said this marks the full completion of the private placement of 160 million new units, which was approved by unitholders at an EGM on July 22.

“Collectively, the two tranches raised a total of RM130.2mil, further strengthening the group’s balance sheet and funding capacity.

“The exercise was very well received by both institutional and retail investors, reflecting strong confidence in KIP-REIT’s strategy, management team and overall group performance.”

Following the completion of both tranches of 123 million units in the first tranche and 37 million units in the second tranche, KIP-REIT’s total issued units now stand at 958.63 million.