JCorp sets up Al-Salām REIT

PETALING JAYA (April 29): Johor Corporation (JCorp) officially announced the establishment of a new Islamic Real Estate Investment Trusts (REIT), Al-Salām REIT yesterday.

According to a statement by JCorp, the Securities Commission (SC) approved the establishment of the REIT on Feb 18 and it was subsequently established on March 30 with the registration of the Trust Deed with the SC. The REIT is expected to be listed on the main market of Bursa Malaysia in the third quarter of 2015.

The REIT is a diversified Islamic REIT which focuses on various Shariah-compliants assets, including commercial retail, office and industrial assets.

The initial portfolio of Al-Salām REIT will include 31 assets with an approximate total value of RM900 million, which is to be acquired from JCorp’s two subsidiaries, Damansara Assets Sdn Bhd and QSR Brands (M) Holdings Sdn Bhd. Among the major assets to be under this REIT are Menara Komtar, @Mart hypermarket, KFCH International College and Komtar JBCC.

The announcement was made at a signing ceremony on the establishment of Al-Salām REIT between DASB’s vice-chairman Lukman Abu Bakar and QSR’s executive director Mohamed Izaham Abdul Rani, with AmanahRaya Trustees Bhd (ART)’s CEO Habsah Bakar at the Putrajaya Marriott Hotel.

The ceremony was witnessed by JCorp’s chairman cum Johor Chief Minister Datuk Mohamed Khaled Nordin, JCorp’s president and chief executive Datuk Kamaruzzaman Abu Kassim, and AmanahRaya Bhd’s group managing director Datuk Abd Rahman Md Khalid.

“The establishment of Al-Salām REIT is another commitment by JCorp in playing its part in the world of Islamic REIT and Islamic capital market. JCorp believes that Islamic REITs have the potential to be the preferred investment instrument among investors in the capital market,” said Kamaruzzaman.

Al-Salām REIT is the second Islamic REIT sponsored by JCorp. In 2006, JCorp through KPJ Healthcare Bhd successfully listed Al-‘Aqar Healthcare REIT on the main board of Bursa Malaysia.

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