TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Sinarmas pools Rp 10.4 trillion from local REITs issuance
It is the first instrument to use property stocks, not the property building, as its underlying asset.
Change text size
Gift Premium Articles
to Anyone
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
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 instrument to use property stocks, not the property building, as its underlying asset.
“Instead of using properties, we’re using shares of property companies as underlying assets,” she said.
