IslamicFinance.de

Another upcoming placement of a Shariah-compliant Real Estate Investment Trust, or Islamic REIT, in Southeast Asia amid a shaky financial market environment shows that the demand for this kind of investment vehicle remains high and the formation of similar REITs in and outside their main playing ground Malaysia will likely pick up momentum. Johor Corp Bhd, the investment arm of Johor state, will list its second REIT, named Al-Salam REIT, on the stock exchange in Kuala Lumpur on September 29. The initial public offering is expected to bring in close to $60mn, with 98% of the units to be sold to institutional investors.