AmanahRaya-REIT to grow assets to RM1.5b

AmanahRaya-REIT Managers Sdn Bhd is to grow the asset size of the real estate investment trust (REIT) to RM1.5 billion in the next two years, from RM1.002 billion, at present.

The total assets puts AmanahRaya-REIT in second place after Starhill REIT, said Chairman Tan Sri Ahmad Fuzi Abdul Razak.

Meanwhile, the company has embarked on an acquisition trail of commercial properties.

"We are currently in preliminary negotiations to acquire 3 to 4 assets, mainly office buildings and shopping centres," AmanahRaya's Chief Operating Officer Adenan Md Yusof said after a leasing signing ceremony with Kontena Nasional Bhd today.
He said AmanahREITS, which has been accored a global investable grade rating of "BBB-", hoped to conclude some deals by mid-2011.

"AmanahRaya REITS will continue to scout for properties in good locations in order to give the best returns to unit holders," he said.

By Bernama