AEON, KIP REIT Ink MoU For AEON Mall Kinta City's Expansion

KUALA LUMPUR, March 5 (Bernama) -- Aeon Co (M) Bhd has entered into a memorandum of understanding (MOU) with Pacific Trustees Bhd, the trustee of KIP Real Estate Investment Trust (KIP REIT) for the expansion of Aeon Mall Kinta City in Perak.

In a statement today, Aeon said the expansion is expected to be completed within three years from the signing of the agreement.

“Aeon Mall Kinta City, the first Aeon Mall in Perak, which started its operations in 1997, will undergo significant upgrades, including the introduction of new retail lots,  improved common areas, and enhanced facilities,” it said.

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The MOU’s signing ceremony took place at Aeon Mall, Taman Maluri. It was signed by Pacific Trustees Bhd director Edward Cheah and Aeon managing director Naoya Okada and witnessed by the chief property officer of Aeon chief property officer Lee Beng Beng, and KIP REIT chief executive officer Valerie Ong Pui Shan.

Aeon said that, in addition to the expansion, another lease renewal for the existing building was signed, and it will also master lease the new space.

“As part of the MoU, Aeon is set to enter into an even longer lease, underscoring its long-term commitment to the location and strong partnership with KIP REIT,” it said.

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Ong added that the expansion of Aeon Mall Kinta City underscores KIP REIT’s commitment to sustainable growth through asset enhancement initiatives. 

“By enhancing property value and attracting quality tenants, we are positioning our portfolio for long-term success,” she said.

Okada said Aeon is committed to delivering an upgraded shopping destination that meets the demands of modern consumers while reinforcing Aeon Mall Kinta City as the preferred shopping destination, especially in Perak.

“We are grateful for the opportunity to work with KIP REIT and Pacific Trustees, whose support has been instrumental in making this expansion possible,” he said.

-- BERNAMA