21 Apr '11, 9pm

Home Business Property Will Japan quake delay listing of world's largest

KUALA LUMPUR - The listing of Malaysia's Axis Global Industrial real estate investment trust (REIT), the world's largest Syariah-compliant REIT, has been pushed back by about a month after two of its Japanese assets were damaged by the March 11 earthquake, according to a source. The source said that the two properties in Iwanuma, which is near Sendai, the worst-hit area in Japan, have been removed from the initial asset composition, which means the size of the REIT has been reduced. "The two properties were small contributors to the portfolio and should not affect the IPO by that much," the source with direct knowledge of the matter told Reuters. Listing documents obtained by Reuters valued the two properties at ¥1.8 billion (S$27 million) of an initial asset size of about RM3.17 billion (S$1.3 billion), making it the largest REIT compliant with Islamic or Syariah laws. Th...

Full article: http://www.todayonline.com/Business/Property/EDC110422-00...

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