KUALA LUMPUR, 5 March 2025 – AEON CO. (M) BHD. (“AEON”) is pleased to announce the signing of a Memorandum of Understanding (“MoU”) with Pacific Trustees Berhad, the trustee of KIP Real Estate Investment Trust (“KIP REIT” or the “Group”), for the expansion of AEON Mall Kinta City in Perak. The MOU was signed by Edward Cheah, Director of Pacific Trustees Berhad and Naoya Okada, Managing Director of AEON. The signing which was held at AEON Mall, Taman Maluri, was witnessed by Lee Beng Beng, Chief Property Officer of AEON and Valerie Ong, Chief Executive Officer of KIP REIT.

The expansion reflects KIP REIT’s commitment to asset enhancement initiatives (“AEIs”), which play a vital role in increasing property value, rental income, and overall portfolio performance. By upgrading and repositioning assets, KIP REIT aims to keep its properties competitive, attract higher-quality tenants, and enhance the customer experience, ultimately driving stronger financial returns for its unitholders.

AEON Mall Kinta City, which is the first AEON Mall in Perak, started its operations in 1997. It will undergo significant upgrades, including the introduction of new retail lots, improved common areas, and enhanced facilities. The expansion project is expected to be completed within three years from the signing of the agreement.

In addition to the expansion, AEON has signed another term of renewal for the existing building and 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.

Valerie Ong said, “The expansion of AEON Mall Kinta City underscores the Group’s commitment to sustainable growth through AEIs. By enhancing property value and attracting quality tenants, we are positioning our portfolio for long-term success.”

She added, “We are pleased to support AEON’s vision of creating an upgraded retail destination in Perak. The extended lease term reflects the strength of our partnership and reinforces our commitment to driving long-term value for our unitholders.”

Okada said, “This expansion is a strategic step forward in AEON’s growth journey. We are 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.”

This collaboration highlights KIP REIT’s strategic focus on AEIs as a key growth driver, enhancing asset resilience and ensuring a sustainable, income-generating portfolio.