Malaysia's Axis to list world's largest sharia REIT

KUALA LUMPUR, March 11 (Reuters) – Malaysia’s Axis REIT Management Sdn Bhd is set to list the world’s largest sharia real estate investment trust valued at over 3 billion ringgit ($988 million) to meet demand for new Islamic finance products, three sources with direct knowledge of the deal said on Friday.

Axis REIT Management, which also manages Axis REIT , is conducting preliminary book-building for the Axis Global Industrial REIT, said the sources who asked not to be identified as they are not authorised to speak to the media.

The REIT, which is expected to be listed in the second quarter of this year, would manage 33 properties located in three Asian countries including Australia and Hong Kong.

“Axis Global’s mandate is to invest in high-quality industrial and business parks outside Malaysia,” one source told Reuters.

“The size of the IPO will be larger than the listing of Capitamalls Malaysia Trust, which raised 852 million ringgit.” Continue reading