Bahrain's first REIT enters the market.
The Central Bank of Bahrain said it has approved the registration of the first Real Estate Investment Trust (REIT) under Bahrain's Financial Trusts Law.
The Inovest Real Estate Investment Trust (IREIT) has been authorised and approved by the Central Bank of Bahrain as an Expert Collective Investment Undertaking established as a unit trust and with Two Seas Trust as trustee. It intends to list the IREIT on the Bahrain Stock Exchange. Inovest will begin marketing the REIT immediately.
Mohammed Ayman Al Tajer, Director of the Financial Institutions Supervision Directorate said that the CBB was pleased to authorise the first REIT in Bahrain.
"While the existing CIU regulations recognise REITs as an asset class, we are committed to expand the existing CIU regulatory framework, to be in line with best international REITs practices, taking into account their customisation to our local and regional markets. Such initiatives will address the REITs structure, relevant components and requirements in more specific detail. We recognise REITs as an important investment asset class and we are positive that the unit trust structure would facilitate the establishment of a variety of innovative products, utilising the Financial Trust Law of Bahrain in addition to the current CIU regulations."
2009 CPI Financial. All rights reserved.
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|Date:||Jun 24, 2009|
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