IGB REIT owns Mid Valley Megamall and The Gardens Mall in Kuala Lumpur with a combined net lettable area (NLA) of about 2.7 million square feet.
The former is a lifestyle mall that targets mainly locals in the Klang Valley whereas the latter is a premium shopping centre. Mid Valley Megamall and The Gardens Mall have been in operation for the twentieth and twelfth year of operations respectively. As at 16 June 2019, IGB REIT has a market capitalisation of RM6.6 billion.
Both malls, which are connected via a link bridge, are well-patronised by locals and quite crowded on both weekdays and weekends alike. Based on my personal experience, it’s not easy to get a parking space at these two malls during peak hours.
Here are eight things I learned from the 2019 IGB REIT AGM.
1. Gross revenue increased 2.1% year-on-year to RM535.7 million in 2018 – a