By BUSINESS TIMES
AT THE ASLI MALAYSIA-INDONESIA INVESTMENT AND FINANCE SUMMIT
AMANAH Raya Bhd (ARB) has tied up with an Indonesian partner to set up a property trust that will buy properties in Asean.
“Initially, we are looking at acquiring five properties in Indonesia and two properties in Malaysia with a total asset size of more than US$250 million (RM860 million),” Datuk Mohamed Azahari Kamil, managing director of Amanah Raya-JMF Asset Management, told reporters on the sidelines of an investment conference yesterday.
ARB signed a memorandum of understanding with Gapura Prima group. The partnership targets to list the real estate investment trust in Singapore by year-end.
The REIT will focus on properties in the Association of South-East Asian Nation (Asean) countries, namely Malaysia, Indonesia, the Philippines, Singapore, Thailand and Vietnam.
It will buy mainly commercial and hospitality assets but it will focus only on shopping malls in Malaysia.