Units of KLCC REIT soared on its trading debut today on the Malaysian stock exchange, rising by as much as 31 sen to RM7.56 at one point of time thanks to yield-hungry investors keen on getting a piece of Malaysia's largest REIT to date.

The KLCC REIT is a stapled security that consists of existing shares of KLCC Property Holdings and  units of KLCC REIT.

The KLCC REIT, which was initially a property company, has restructured itself into a stapled security in a bid to increase profits by benefiting from the income tax exemption granted to real estate investment trusts. KLCC REIT had previously announced that it will inject the Petrona Twin Towers, once the world's tallest buildings, into the REIT. Other properties that were similarly taken in include Menara ExxonMobil and Menara 3 Petronas.

KLCC REIT is currently about three times bigger that its closest competitor in terms of asset size - Sunway REIT.

Backed by state enterprises such as Petronas, properties of the REIT are expected to enjoy strong occupancy numbers moving forward. Looking ahead KLCC REIT expects to include more office properties located in the capital, such as the Kompleks Dayabumi.