Amanah Raya to list 2nd REIT next year

December 16 2006

AMANAH Raya Bhd (ARB) plans to list its second real estate investment trust (REIT) in Malaysia as well as in Dubai by the second half of next year, said its managing director Datuk Ahmad Rodzi Pawanteh.

The value of the REIT is expected to be US$500 million (RM1.7 billion), a size deemed fit to attract foreign investors, especially those from the Middle East.

"The returns will definitely be higher than the first given that it is an Islamic REIT. With the recent dual listing regulations, we may list it here and in Dubai," he told reporters in Kuala Lumpur.

ARB has signed a memorandum of understanding with Macquarie Group and Faisal Private Bank yesterday to leverage on their corporate advisory and offshore Islamic banking services.