PETALING JAYA: Aeon Co (M) Bhd has signed 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.
The MoU was signed by Pacific Trustees director Edward Cheah and Aeon managing director Naoya Okada at Aeon Mall Taman Maluri in Kuala Lumpur.
Aeon Mall Kinta City, which is the first Aeon Mall in Perak, started operations in 1997. It will undergo significant upgrades, including the introduction of new retail lots, improved common areas, and enhanced facilities. The expansion is expected to be completed within three years from the signing of the agreement.
In addition to the expansion, Aeon has signed a term of renewal for the existing building and will 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.
KIP REIT CEO Valerie Ong Pio Shan 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 that they 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,” said Chong.
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.”
