ARA Asset Management has entered a partnership agreement with Qatar-based Regency Group to jointly manage a Shariah-compliant real estate investment trust (REIT).
The partners plan to list the REIT on the Singapore Exchange in the second half of 2010.
ARA said the proposed REIT is expected to comprise mainly of hospitality properties, including hotels and serviced apartments in Qatar.
These will be contributed by the Regency Group as the sponsor of the REIT.
DBS Bank is the Financial Advisor for the proposed transaction.
The Regency Group is a leading real estate developer and investor in the Gulf Cooperation Council, with a portfolio of hospitality, residential, commercial and retail properties in Qatar.
Source : Channel NewsAsia – 14 Dec 2009
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