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Jakarta Post

Sinarmas pools Rp 10.4 trillion from local REITs issuance

  • Riska Rahman

    The Jakarta Post

Jakarta   /   Mon, July 8, 2019   /  01:39 pm
The Jakarta Post Image
Staying bullish: People walk past a giant monitor showing the market index at the Indonesia Stock Exchange building in Jakarta.(The Jakarta Post/Aditya Bhagas)

  Fund manager PT Sinarmas Asset Management has listed its real estate investment trust (REIT) product called DIRE Simas Plaza Indonesia on the bourse, making it the third of its kind and the largest in Indonesia. The product, listed under the code XSPI on the Indonesia Stock Exchange (IDX), has a total portfolio of Rp 10.4 trillion (US$736.02 million). Sinarmas associate director Al Iskandar Pringgodigdo said on Thursday all 20.8 million shares of the REIT had been sold to investors, most of whom were foreign investors and about 25 percent of whom were institutional investors, at Rp 500 per share during the book-building period late last month. Although all the shares had been sold, he said, investors could still trade the REIT in the secondary market starting from its listing date. Sinarmas investment analyst Sri Gugum Gumbira said the REIT was also the first instru...