Kuala lumpur: 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, Kumpulan Wang Persaraan (Diperbadankan) (KWAP), and KJ Technical Services Sdn Bhd, has entered into a 20-year cooling services agreement covering eight KIPMall sites, with a total capital deployment of approximately RM23 million.
According to BERNAMA News Agency, KJTS stated that the investment marks its first deployment into operating assets since the establishment of the platform. The agreement covers KIPMall Bangi, KIPMall Tampoi, KIPMall Masai, KIPMall Kota Tinggi, KIPMall Kota Warisan, KIPMall Senawang, KIPMall Melaka, and KIPMall Desa Coalfields. The company noted that this initiative supports Malaysia's National Energy Transition Roadmap (NETR) by enabling energy efficiency at scale across the commercial real estate sector.
KWAP's investment in Lestari aligns with the Ministry of Finance's GEAR-uP programme, which aims to catalyse growth in high-value, high-impact sectors while enabling Malaysian companies to scale up. Additionally, the investment is channelled through KWAP's Dana Iklim+, supporting climate solutions and investments aligned with Malaysia's transition towards a low-carbon economy.
Lestari director Azura Azman highlighted that the transaction establishes the company's operating platform, with an initial base of revenue-generating assets and additional capacity expected to come on stream. The focus is on investing with discipline in high-quality cooling infrastructure, building a portfolio that delivers stable, recurring cash flows while advancing energy efficiency and broader sustainability outcomes.
KIP REIT chief executive officer Valerie Ong emphasized the importance of a long-term partner in supporting the operational efficiency, reliability, and sustainability of the group's malls. This arrangement strengthens the infrastructure supporting retail assets while ensuring continuity of service for tenants and shoppers.
KJTS managing director Lee Kok Choon explained that 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.