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Tuesday, December 18, 2007

Public Mutual launches Asia real estate fund

PUBLIC Mutual Bhd has launched its first Asia real estate fund, which invests in the region's property sector and real estate investment trusts (REITs).

The "PB Asia Real Estate Income Fund (PBAREIF)" has an initial fund size of RM450 million comprising 1.5 billion units of 25 sen each.

"PBAREIF is ideal for medium- to long-term investors as it enables them to invest in a diversified manner across the different types of properties and across multiple markets and economies in Asia," Public Mutual chairman Tan Sri Teh Hong Piow said in a statement yesterday.

He added that the property markets in Asia are supported by sustained economic growth, higher disposable income, stable interest rates and increasing liberalisation of foreign ownership regulations.

Up to 60 per cent of the new fund's net asset value (NAV) can be invested in selected regional markets, including Japan, Australia, South Korea, Taiwan, China, Hong Kong, New Zealand, Singapore, Thailand, the Philippines and Indonesia.

"The balance of the fund's NAV will be invested in domestic fixed income securities such as sovereign bonds, corporate debt and money market instruments," Teh said.

During the 21-day initial offer period between today and January 7 next year, the issue price/NAV of PBAREIF is 25 sen per unit with a promotional service charge of 5.45 per cent of NAV per unit.

By New Straits Times

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