Sabana brings Singapore's first Shar'iah Reit IPO

Sabana Shar'iah Compliant Reit, which focuses on industrial properties, raises $491 million from yield-hungry investors.

More than eight years after Singapore became the first stockmarket in Asia to list a real estate investment trust Reit, the market has welcomed the city’s first Shar’iah-compliant Reit. While this isn’t the first Shar’iah-compliant Reit in Asia there are already three smaller trusts listed in Malaysia it is the first one of size, and shows that Singapore remains open to innovation in the Reit sector. It will also be the largest Shar’iah-compliant Reit by total assets globally.

Under the somewhat bulky name Sabana Shar’iah Compliant Reit, the market newcomer is due to start trading on Friday this week after raising S$636.1 million $491 million in an initial public offering...

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