JCorp To List RM900 Million Islamic REIT In Q3
Date：2015/04/29
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PUTRAJAYA, April 28 (Bernama) -- Johor Corp (JCorp) plans to list its RM900 million Islamic Real Estate Investment Trust (REIT), Al-Salam, on the Main Market of Bursa Malaysia in the third quarter of this year.
JCorp president/chief executive officer, Datuk Kamaruzzaman Abu Kassim, said the initial portfolio of Al-Salam would include 31 assets to be acquired from Damansara Assets Sdn Bhd (DASB) and QSR Brands (M) Holdings Sdn Bhd (QSR).
"Among the major assets from DASB to be acquired are Menara KOMTAR, @Mart hypermarket, KFCH International College and KOMTAR JBCC, a new retail mall in Johor Baharu city centre.
"The proposed asset acquisitions from QSR would involve a chain of KFC and Pizza Hut restaurants and selected industrial assets," he said.
Kamaruzzaman said this at the signing of the memorandum of understanding to set up Al-Salam REIT between JCorp and AmanahRaya Trustees Bhd (ART) here Tuesday.
Johor Menteri Besar and JCorp chairman, Datuk Seri Mohamed Khaled Nordin, and ART group managing director, Datuk Abd Rahman Md Khalid, witnessed the signing ceremony.
He said the IPO would offer 580 million units and the prospectus would be launched in June.
"JCorp believes that Islamic REITs have the potentials to be the preferred investment instrument among investors in the capital market.
"Al-Salam REIT is a diversified Islamic REIT focusing on various syariah-compliant assets which consist of commercial, retail, office and industrial assets," he said.
He said JCorp aimed to acquire RM2 billion worth of assets through Al-Salam REIT within three years.
"With the initial portfolio of Al-Salam REIT, JCorp was expected to inject another RM500 million into Al-Salam REIT in 12 months.
"It is expected to bring returns of six to 6.3 per cent to unitholders in the first year," he said.
-- BERNAMA