IOI Properties sets up unit to manage proposed REIT for Bursa listing

IOI Properties Group Bhd has incorporated a wholly-owned subsidiary, IOIPG REIT Management Sdn Bhd (IRMSB), to serve as the management company for a proposed real estate investment trust (REIT) that it plans to establish and list on the Main Market of Bursa Malaysia.

In a filing today, the property developer said the proposed REIT establishment and listing will depend on several factors, including the assessment of suitability and valuation of the properties to be injected, as well as the finalisation of its structure and terms.

“The company will make the necessary announcement(s) on the proposed REIT establishment and listing as and when necessary, in compliance with the Main Market Listing Requirements of Bursa Securities,” IOI Properties said.

Maybank Investment Bank Bhd and AmInvestment Bank Bhd have been appointed as joint principal advisers to assist with the evaluation of the REIT plan.

The group did not disclose the size of the REIT or which assets might be included.