Pelaburan Mara Bhd (PMB) is partnering Al Rajhi Group's AEP Investment Management Ltd (AEPim) to set up a $200 mln (636 mln rgt) private equity fund for investing into global real estates, with an eventual goal of listing the assets as a real estate investment trust (REIT) in a major exchange.
PMB's newly appointed group chief executive officer (CEO) Nazim Rahman told The Edge Financial Daily that the fund, called Basil Fund, is registered under the Monetary Authority of Singapore and will be launched on October 21.
"We are in active discussions with investors from Qatar, Brunei and Saudi Arabia to join as investors in the Basil Fund, he revealed.
Nazim, who joined PMB in the middle of July, said the genesis of this Basil Fund will propel PMB into the international property markets and give it the opportunity to collaborate with AEPim, where it could leverage on the latter's track record, international presence and access to Syariah-based capital across multiple markets.- The Edge.
NOTE: Reuters has not verified this story and does not vouch for its accuracy.