Malaysia
AmanahRaya REIT Becomes the Second Largest in Malaysia
Oct 27, 2007

AR-REIT (AmanahRaya real estate investment trust) has become Malaysia's second largest REIT in terms of asset size at about RM649mm (Eur 136mm), following the injection of five new properties. AmanahRaya-JMF is the manager of AR-REIT.  “We are focusing on Malaysian property now, given the strong growth in local property development and in the view of the Iskandar Development Region project,” said managing director Datuk Mohamed Azahari Kamil.

"The total of 13 properties we have now would give a net property yield of 7.4% to 7.5%," according to Mr. Azahari at a press conference yesterday. The five new properties are the Tamadam bonded warehouse in Port Klang, the Silverbird factory in Shah Alam, AIC Corp Bhd’s factory in Shah Alam, Segi College in Kota Damansara and Naza warehouse in Gurun. AR-REIT has a diversified portfolio mix of education (31%), industrial (29%), commercial (27%) and hospitality (7%) assets.

Azahari said that AR-REIT emphasised “good quality property with strong recurring income”, adding that its additional five assets were public listed companies that provided stable distribution to unitholders.

Source: theStar.com