IslamicFinance.de

Johor state investment arm Johor Corp will list its Islamic real estate investment trust (REIT) known as Al-Salam on the Main Market of Bursa Malaysia on Sept 22. Al-Salam REIT is seeking to raise gross proceeds of RM252.36 million arising from the issuance of 252.36 million offer units, based on an offer price of RM1 per unit, which will account for 43.5% of the trust. The bulk or RM242.86 million of the proceeds raised from the initial public offering (IPO) will be used to pay for the purchase of five properties that will make up the initial portfolio.The Islamic REIT will primarily comprise commercial retail, office and industrial purposes as well as real estate-related assets.