Simon Lee Sai Boon Chairman and Executive Director, I REIT Managers Sdn Bhd and Lee Jim LengGroup Managing Director/CEO Hong Leong Investment Bank Berhad at the launch of AME Real Estate Investment Trust (AME REIT) prospectus on Aug 22.ug环球会员开户(www.ugbet.us)开放环球UG代理登录网址、会员登录网址、环球UG会员注册、环球UG代理开户申请、环球UG电脑客户端、环球UG手机版下载等业务。
KUALA LUMPUR: AME Real Estate Investment Trust (AME-REIT), which is en route to Bursa Malaysia’s Main Market, has plans to add assets to its property portfolio post listing.
It is embarking on a two-pronged growth strategy to grow its income payout returns to shareholders.
“As a REIT we are looking at a growth trajectory through the increase of the size of the portfolio.
“We are in talks with various parties now and I have been given the mandate by the board of directors to look at third party acquisitions,” chief executive officer Chan Wai Leo said at a press briefing following the launch of its prospectus here yesterday.
AME REIT is driven by a sponsor, AME Elite Consortium Bhd, which is an industrial space solutions provider that builds assets to sell and lease.
AME-REIT, which is in industrial-focused trust, will have the first right of refusal on all future assets that would potentially come from AME Elite’s development projects that fit the criteria of the trust.
It will have an initial portfolio of 34 industrial and industrial-related properties that are in Iskandar Malaysia in Johor, valued at RM557mil.
Chan said AME-REIT would have an indicative proforma trust distributable yield of more than 5.5% upon its listing, based on a financial year 2023 ending March 31 (FY23).
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“This is based on a distributable income of RM34mil for FY23 and a listing reference price of RM1.15 per unit,” Chan said.
The REIT is scheduled to list on Sept 20.
It would entail AME Elite selling some assets to the newly established AME-REIT entity and funded with the issuance of public shares in AME-REIT. The properties will form the trust’s portfolio.
The initial public offering (IPO) entailed 254.8 million trust units, representing 49% of the total 520 million units in AME-REIT.
This listing comprised a retail offering of up to 174.8 million trust units and an institutional offering consisting of at least 80 million units.
There would be no proceeds raised by the REIT as the IPO would not involve any issuance of new units, it added.
Hong Leong Investment Bank Bhd is the principal adviser and sole underwriter, and joint bookrunner together with RHB Investment Bank Bhd.
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2023-03-03 00:00:57
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