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Tuesday, December 1, 2009

REIT managers association gets endorsement

KUALA LUMPUR: The managers of 11 Malaysian real estate investment trusts (REITs) on Monday endorsed the formation of the Malaysian REIT Managers Association (M-REITMA) which will be completed once given the go-ahead by the Registrar of Societies (ROS).

Among other objectives, M-REITMA aims to create an environment for more investments to be injected into high quality real estate in the country; improve transparency in corporate governance, disclosure and financial reporting, training and discussion groups; and analyse legislation and government policies.

In a statement, M-REITMA said the the full status and approval by the ROS should take place by the first quarter of next year. The 11 REITs comprising AmFirst REIT,

AmanahRaya REIT, Atrium REIT, Axis-REIT, Al-Hadharah Boustead REIT, Al-Aqar KPJ REIT, Hektar REIT, UOA REIT, Quill Capita Trust, Tower REIT and Starhill REIT.

The REITs were all listed under the new Securities Commission Guidelines under the Real Estate Investment Trusts introduced in January 2005.

The REITs were represented by their managers during a briefing yesterday by protem committee chairman, Stewart LaBrooy of Axis REIT Managers Bhd, on the present status of M-REITMA.

The REIT sector is now over four years old with the first REIT having listed in August 2005. There are 13 listed REITs with a market capitalisation of RM5.4bil as at mid-November.

By The Star

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