TheStar
KUALA LUMPUR: Public Bank will launch its first Asia real estate fund today, offering investors the chance to participate in the growth prospects of Asia's property sector and real estate investment trusts (REITs).
The PB Asia Real Estate Income Fund (PBAREIF) will invest in companies that are principally engaged in property, hotel and resorts investment and development and REITs in domestic and regional markets to provide capital growth for the fund.
“It is an actively-managed balanced fund which seeks to meet its objective of achieving capital growth and income in the medium to long-term period by adhering to a balanced asset allocation with up to 60% of its net asset value (NAV) in equities and REITs,” said Tan Sri Teh Hong Piow, chairman of Public Mutual, which is managing the fund.
“Up to 60% of the fund's NAV can be invested in selected regional markets which include Japan, Australia, South Korea, Taiwan, China, Hong Kong, New Zealand, Singapore, Thailand, the Philippines, Indonesia and other approved markets,” he said in a statement yesterday.
Teh said to help generate interest income, the balance of the fund's NAV would be invested in domestic fixed income securities, such as sovereign bonds, corporate debt and money market instruments.
PBAREIF was suitable for conservative to moderate investors with a preference for regular income and a respectable level of capital growth, he said.
During the 21-day initial offer period from Dec 18, 2007, to Jan 7, 2008, the issue price/NAV of PBAREIF is at 25 sen per unit with a promotional service charge of 5.45% of NAV per unit.
Investors who opt for direct debit instruction with PBAREIF during the offer period will also enjoy the special promotional service charge of 5.45% of NAV per unit for as long as the direct debit is active. – Bernama
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