KUALA LUMPUR (Dec 19):Amanah Raya Bhd (ARB) is aiming to double properties value for its REIT unit to RM2 billion within the next three to five years, according to the group's managing director Adenan Md Yusof.

"At the moment we have [a fund size of] slightly above RM1 billion in terms of the value of our properties.

"In the next three to five years we want to double up to RM2 billion," he told reporters after a signing ceremony of a strategic partnership between ARB and Japan's largest real estate asset management company, Kenedix Inc.

ARB today entered into two strategic agreements with Kenedix for the acquisition of its Real Estate Investment Trusts (REITs), worth RM91 million.

Under the agreements, Kenedix firstly acquired 15% of AmanahRaya REIT (ARREIT)'s total units in circulation for RM85.98 million.

The second agreement saw Kenedix acquire a 49% stake in AmanahRaya REIT Managers Sdn Bhd (ARRM) for RM5.15 million at RM7 per share, with ARB maintaining a 51% controlling stake in ARRM.

Besides this, the parties also signed a shareholders agreement as well as a memorandum of understanding on a bridge fund to acquire and nurture assets before injecting into ARREIT.

Kenedix specialises in managing real estate funds and private pension funds in Japan.

"Also importantly for ARB, this joint collaboration creates a new platform to build [a] strategic and synergistic alliance as well as foster relationship networking with international investors, bankers and developers," added Adenan.

Malaysia's second finance minister Datuk Johari Abdul Ghani was also in attendance to witness the signing.