KJTS’ Lestari Cooling Energy Activates Platform, Invests RM23 Mln Across Eight KIPMall Sites
KUALA LUMPUR, May 8 (Bernama) -- KJTS Group Bhd’s joint venture, Lestari Cooling Energy Sdn Bhd, has activated its operating platform with its first investment in operating assets owned by KIP Real Estate Investment Trust (KIP REIT).
Lestari, a joint venture between Stonepeak, a New York-headquartered alternative investment firm, Kumpulan Wang Persaraan (Diperbadankan) (KWAP) and KJ Technical Services Sdn Bhd, a subsidiary of KJTS, has entered into a 20-year cooling services agreement covering eight KIPMall sites, with a total capital deployment of approximately RM23 million.
In a statement today, KJTS said the investment marks its first deployment into operating assets since the establishment of the platform, with the agreement covering KIPMall Bangi, KIPMall Tampoi, KIPMall Masai, KIPMall Kota Tinggi, KIPMall Kota Warisan, KIPMall Senawang, KIPMall Melaka and KIPMall Desa Coalfields.
“This injection directly supports Malaysia’s National Energy Transition Roadmap (NETR) by enabling energy efficiency at scale across the commercial real estate sector,” the company said.
It added that KWAP’s investment in Lestari is aligned with the Ministry of Finance’s (MoF) GEAR-uP programme, which aims to catalyse growth in high-value, high-impact sectors while enabling Malaysian companies to scale up.
“The investment is also channelled through KWAP’s Dana Iklim+, which supports climate solutions and investments aligned with Malaysia’s transition towards a low-carbon economy,” KJTS said.
Lestari director Azura Azman said the transaction establishes the company’s operating platform, with an initial base of revenue-generating assets and additional capacity expected to come on stream.
“Our focus is to invest with discipline in high-quality cooling infrastructure, building a portfolio that delivers stable, recurring cash flows while advancing energy efficiency and broader sustainability outcomes,” she said.
KIP REIT chief executive officer Valerie Ong said a long-term partner is important in supporting the operational efficiency, reliability and sustainability of the group’s malls.
“This arrangement further strengthens the infrastructure supporting our retail assets while ensuring continuity of service for our tenants and shoppers, who will continue to enjoy the same quality experience across our KIPMall sites,” she said.
KJTS managing director Lee Kok Choon said the cooling systems installed across the eight sites represent 3,910 refrigeration tonnes of cooling capacity.
“This novation allows the group to focus on the engineering, construction and operation of energy-efficient cooling systems, while Lestari undertakes the asset ownership and capital deployment role,” he added.
-- BERNAMA