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Friday, March 11, 2011

Axis said to launch RM3b Islamic REIT

Malaysian REIT manager Axis REIT Management Sdn Bhd is set to list the world’s largest Islamic real estate investment trust valued at over RM3 billion ($988 million), three sources with direct knowledge of the deal said on Friday.

Axis REIT Management, which also manages Axis REIT, is now conducting book building for the Axis Global Industrial REIT, said the sources who asked not to be identified as they are not authorised to speak to the media.

The REIT will manage 33 properties located in three Asian countries including Australia and Hong Kong. Some of the assets were bought and leased back from Australia’s Goodman Group.

Axis REIT’s chief executive officer Stewart LaBrooy declined to comment on the deal when contacted by Reuters. The deal’s principal adviser is Malaysia’s CIMB .


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