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THE NEW REAL ESTATE INVESTMENT TRUSTS IN MALAYSIA: LESSONS FROM LISTED PROPERTY TRUSTS

The success of MIPIM Asia’s sixth edition last year confi rmed the dynamism of the Asian property market and the fact that the show is now the international event for major real estate companies operating within the region or seeking to work internationally with Asia Pacifi c players. The emerging presence of retailers refl ected Asia Pacifi c’s potential for retail expansions and the attractiveness of retail real estate. Within that framework, this 2012 MIPIM Asia edition offers a new positioning, with the launch of a Retail Summit, a quality programme which aims at bringing together a vast range of. | 1 THE NEW REAL ESTATE INVESTMENT TRUSTS IN MALAYSIA LESSONS FROM LISTED PROPERTY TRUSTS Janice Y.M. Lee Hishamuddin Mohd Ali Chyi Lin Lee Centre for Real Estate Research and Dept of Property Management University Technology Malaysia Skudai ABSTRACT Institutional investors hold significant equity levels in overseas Real Estate Investment Trusts REITs and evidence reveals that their active participation brings tremendous benefits to the REIT markets. In Malaysia however the level of institutional investment have historically been rather poor since the establishment of the first Listed Property Trust LPTs in 1989. Nowadays interests in REITs are renewed in Malaysia due to encouraging government incentives and the revised regulations in Securities Commission Guidelines 2005. Axis REIT is listed and a number of REITs are planned for listing by corporations with large property portfolios in the near future. As the investment market welcomes exciting new opportunities it is timely to consider the needs of institutional investors in Malaysia on the new REITs. This paper examines the reasons of lukewarm response from institutional investors in LPTs and their desirable investment conditions for participating in the new REITs. Finally the intended actions from corporations planning to list REITs are obtained in response to the institutional investors needs. The findings from the paper depicts that the thin trading volume of LPTs small market size of LPT market and slow capital appreciation are the main reasons deterring institutional involvement in LPTs market. Keywords Real Estate Investment Trusts Institutional Investors Malaysia 1.0 INTRODUCTION Real Estate Investment Trusts REITs are investment vehicles to enable flow of funds from investors to the real estate sector of the economy. REITs investors aim to enjoy .real estate return and portfolio objectives while retaining the investment liquidity provided by the secondary market for REIT shares Corgel et al. 1995 . The .