UEM Land plans to launch REIT

Managing director Wan Abdullah Wan Ibrahim said the company has got approval from the Foreign Investment Committee to set up the UEM Land Diversified REIT and will next apply to the Securities Commission to allow the instrument to be sold to the public.

“We have formed a joint venture with Australia’s AMP Capital Investors Ltd to manage the proposed REIT portfolio, which at its inception will acquire RM1.5 billion worth of commercial property assets.

“We plan to inject assets of the UEM group such as Wisma TIME on Jalan Tun Razak, UEM Group MCOBA Building on Jalan Syed Putra in Kuala Lumpur, Pharmaniaga Bhd warehouse and laboratories in Shah Alam, as well as acquire new properties and inject them into the REIT,” he told Business Times.

UEM Land will have a 51 per cent interest in the joint venture, while AMP Capital will hold the remaining 49 per cent equity.