Islamic Reit shortage seen boosting demand for Johor's new trust
Johor Corp plans to list RM900m Al-Salam Reit, expects to deliver returns of around 6.3 per cent in 2016
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Kuala Lumpur
DEMAND for Malaysian Islamic real estate investment trusts (Reits) may withstand a sluggish property market as their steady rental income is popular with pension funds amid a shortage of syariah-compliant assets.
Johor Corp, the investment company of the country's southern Johor state, plans to list the RM900 million (S$333 million) Al-Salam Reit, said Kamaruzzaman Abu Kassim, the company's president. The prospectus will be registered by July and the trust expects to deliver returns of around 6.3 per cent in 2016, he said.
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