KUALA LUMPUR: Johor Corp (JCorp) real estate investment trust (REIT) Al-Salam is expected to finalise three property acquisitions within two years.

JCorp president and chief executive officer Datuk Kamaruzzaman Abu Kassim said that the properties were located in Kuala Lumpur and Johor.

The company is expected to raise RM252.36mil via its listing, with RM242.86mil to be used to pay for the properties and the remaining RM9.5mil for listing expenses.

“We are planning to purchase five assets and three deals are expected to be completed in two years.

“The properties would be similar to what we have now -- office buildings, shopping malls, food and beverages retail outlets and college buildings,” he told reporters after the listing ceremony here yesterday.

The acquisition of the assets would be satisfied partly via units and cash.

Asked on the property glut in Johor, Kamaruzzaman said as the company's current assets were located in strategic areas, the issue had not affected Al-Salam.

The occupancy rate of Al-Salam's assets Komtar JBCC shopping mall and @Mart Kempas is above 90% while that for KFCH College, certain KFC and Pizza Hut outlets and warehouses is 100%, he added.

Its current assets are collectively valued at RM903.14mil. – Bernama

On the sliding ringgit, he noted that more Singaporean investors were coming into Malaysia, benefiting the company. – Bernama