Malaysia’s Johor Corporation (JCorp) will list an Islamic REIT with MYR900 million (SGD335 million) worth of assets by the third quarter of 2015, state news agency Bernama reported on 28 April citing JCorp chief executive Kamaruzzaman Abu Kasim.

The security, to be known as the Al-Salam Islamic REIT, will start with an initial portfolio of 31 properties including Johor Bahru properties Menara KOMTAR and the JB City Centre shopping mall.

“Al-Salam REIT will be an Islamic REIT that will consist of Shari’ah-compliant commercial, retail,office, and industrial properties”, said Kamaruzzaman.

If listed, this will be the second Islamic REIT listed by JCorp after Al-Aqar healthcare REIT which was established in 2006.

According to a timeline revealed by the company, prospectus for the REIT will be released in the June 2015 timeline followed by an initial public offering (IPO) of 580 million units. No details are given on the IPO’s indicative pricing or tranche allocations.

Al-Salam REIT is forecast to give a yield of between 6 and 6.3% in its first year, said JCorp.