AME REIT - Prospectus (Part 1)

NOTICE ACCOMPANYING THE ELECTRONIC PROSPECTUS OF AME REAL ESTATE
INVESTMENT TRUST (“AME REIT”) DATED 17 AUGUST 2022 (“ELECTRONIC PROSPECTUS”)
(Unless otherwise indicated, specified or defined in this notice, the definitions in the Electronic
Prospectus shall apply throughout this notice.)
Website
The Electronic Prospectus can be viewed or downloaded from the website of Bursa Malaysia
Securities Berhad (“Bursa Securities”) at www.bursamalaysia.com (“Website”).
Availability and Location of Printed Prospectus
Any investor in doubt concerning the validity or integrity of the Electronic Prospectus should immediately
request a paper/printed copy of the Prospectus directly from I REIT Managers Sdn Bhd, Hong Leong
Investment Bank Berhad (“HLIB”) or Boardroom Share Registrars Sdn Bhd. Alternatively, the investor may
obtain a printed copy of the Prospectus, subject to availability, from participating organisations of Bursa
Securities, members of the Association of Banks in Malaysia and members of the Malaysian Investment
Banking Association.
Prospective investors should note that the Application Forms are not available in electronic format.
Jurisdictional Disclaimer
This distribution of the Electronic Prospectus and the sale of the units are subject to Malaysian law.
The Electronic Prospectus will not be distributed outside Malaysia. Bursa Securities, HLIB, the
Manager, the Sponsor and the Selling Subsidiaries take no responsibility for the distribution of the
Electronic Prospectus and/or the sale of the units outside Malaysia, which may be restricted by law in
other jurisdictions. The Electronic Prospectus does not constitute and may not be used for the
purpose of an offer to sell or an invitation of an offer to buy any units, to any person outside Malaysia
or in any jurisdiction in which such offer or invitation is not authorised or lawful or to any person to
whom it is unlawful to make such offer or invitation. Prospective investors who may be in possession
of the Electronic Prospectus are required to take note, to inform themselves and to observe such
restrictions.
Close of Application
Applications for the units offered under the Retail Offering will be accepted from 10.00 a.m. on 17
August 2022 and will close at 5.00 p.m. on 24 August 2022 or for such later date or dates as the
Directors of the Manager, the Sponsor and the Sole Underwriter may decide in their absolute
discretion. Any change to the timetable will be announced by way of advertisement in a widely
circulated Bahasa Malaysia and English newspaper within Malaysia.
The Electronic Prospectus made available on the Website after the closing of the application period is
made available solely for informational and archiving purposes. No securities will be allotted or issued
on the basis of the Electronic Prospectus after the closing of the application period.
Persons Responsible for the Internet Site in which the Electronic Prospectus is Posted
The Electronic Prospectus which is accessible at the Website is owned by Bursa Securities. Users’
access to the Website and the use of the contents of the Website and/or any information in
whatsoever form arising from the Website shall be conditional upon acceptance of the terms and
conditions of use as contained in the Website.
The contents of the Electronic Prospectus are for informational and archiving purposes only and are
not intended to provide investment advice of any form or kind, and shall not at any time be relied upon
as such.
A M E R E A L E STATE IN V E STME N T T R U ST
P R O S P E C T U S
AME REAL ESTATE INVESTMENT TRUST
(A REAL ESTATE INVESTMENT TRUST CONSTITUTED IN MALAYSIA UNDER THE DEED DATED 23 MAY 2022 AND REGISTERED WITH THE SECURITIES COMMISSION MALAYSIA (“SC”) ON 23 MAY
2022, ENTERED INTO BETWEEN I REIT MANAGERS SDN BHD (REGISTRATION NUMBER: 202101014501 (1414801-X)) (“MANAGER”), INCORPORATED IN MALAYSIA UNDER THE COMPANIES
ACT 2016 AND RHB TRUSTEES BERHAD (REGISTRATION NUMBER: 200201005356 (573019-U)) (“TRUSTEE”), INCORPORATED IN MALAYSIA UNDER THE COMPANIES ACT 1965)
THE INITIAL PUBLIC OFFERING (“IPO”) OF 254,800,000 UNITS IN AME REAL ESTATE INVESTMENT TRUST (“AME NO UNITS WILL BE ALLOTTED OR ISSUED BASED
REIT”) (“UNITS”) (“OFFER UNIT(S)”) COMPRISING: ON THIS PROSPECTUS AFTER 12 MONTHS FROM
THE DATE OF THIS PROSPECTUS.
(I) RETAIL OFFERING OF UP TO 174,808,820 OFFER UNITS CONSISTING OF THE FOLLOWING:
THE SC HAS APPROVED THE ESTABLISHMENT
(A) NON-RENOUNCEABLE RESTRICTED OFFER FOR SALE OF UP TO 156,608,820 UNITS (“ROFS AND LISTING OF AME REIT ON THE MAIN
UNIT(S)”) TO THE SHAREHOLDERS OF AME ELITE CONSORTIUM BERHAD (“AME”) ON THE BASIS MARKET UNDER SECTION 214(1) OF THE CAPITAL
OF 1 ROFS UNIT FOR EVERY 5 ORDINARY SHARES HELD IN AME AS AT 5.00 P.M. ON 15 AUGUST MARKETS AND SERVICES ACT 2007 (“CMSA”),
2022; THE APPOINTMENT OF THE MANAGER AS
THE MANAGEMENT COMPANY OF AME REIT
(B) 7,800,000 OFFER UNITS TO THE ELIGIBLE DIRECTORS AND EMPLOYEES OF AME AND ITS
UNDER SECTION 289(2) OF THE CMSA, AND
SUBSIDIARIES; AND
THE RESULTANT UNITHOLDING STRUCTURE OF
(C) 10,400,000 OFFER UNITS FOR APPLICATION BY THE MALAYSIAN PUBLIC; AME REIT UNDER THE BUMIPUTERA EQUITY
REQUIREMENT FOR PUBLIC LISTED COMPANIES
AT THE RETAIL PRICE OF RM1.15 PER OFFER UNIT/ROFS UNIT (“RETAIL PRICE”) PAYABLE IN FULL PURSUANT TO THE ESTABLISHMENT OF AME REIT
UPON APPLICATION AND SUBJECT TO REFUND OF THE DIFFERENCE BETWEEN THE RETAIL AND LISTING, AND A COPY OF THIS PROSPECTUS
PRICE AND THE FINAL RETAIL PRICE (AS DEFINED IN THIS PROSPECTUS) IF THE FINAL RETAIL HAS BEEN REGISTERED BY AND LODGED WITH
PRICE IS LESS THAN THE RETAIL PRICE; AND THE SC.
(II) INSTITUTIONAL OFFERING OF AT LEAST 79,991,180 OFFER UNITS TO MALAYSIAN INSTITUTIONAL THE APPROVAL, AND REGISTRATION OF THIS
INVESTORS AND SELECTED INVESTORS, INCLUDING BUMIPUTERA INVESTORS APPROVED BY PROSPECTUS, SHOULD NOT BE TAKEN TO
THE MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY, AT THE INSTITUTIONAL PRICE TO BE INDICATE THAT THE SC RECOMMENDS AME
DETERMINED BY WAY OF BOOKBUILDING (“INSTITUTIONAL PRICE”), REIT OR ASSUME RESPONSIBILITY FOR THE
CORRECTNESS OF ANY STATEMENT MADE,
SUBJECT TO THE CLAWBACK AND REALLOCATION PROVISIONS IN CONNECTION WITH THE LISTING OF AND OPINION EXPRESSED OR REPORT CONTAINED IN
QUOTATION FOR 520,000,000 UNITS IN AME REIT ON THE MAIN MARKET OF BURSA MALAYSIA SECURITIES THIS PROSPECTUS. THE SC HAS NOT, IN ANY WAY,
BERHAD (“BURSA SECURITIES”). THE FINAL RETAIL PRICE WILL BE EQUAL TO THE LOWER OF THE RETAIL CONSIDERED THE MERITS OF THE UNITS BEING
PRICE OF RM1.15 PER OFFER UNIT OR THE INSTITUTIONAL PRICE. OFFERED FOR INVESTMENT.
THE SC IS NOT LIABLE FOR ANY NON-DISCLOSURE

ON THE PART OF THE MANAGER RESPONSIBLE
Manager Trustee FOR AME REIT AND TAKES NO RESPONSIBILITY
FOR THE CONTENTS OF THIS PROSPECTUS, MAKES
HEAD OFFICE ADDRESS NO REPRESENTATION AS TO ITS ACCURACY OR
COMPLETENESS, AND EXPRESSLY DISCLAIMS ANY
No. 2, Jalan I-Park SAC 1/1 LIABILITY FOR ANY LOSS THE INVESTORS MAY
Taman Perindustrian I-Park SAC SUFFER ARISING FROM OR IN RELIANCE UPON
I REIT Managers Sdn Bhd RHB Trustees Berhad THE WHOLE OR ANY PART OF THE CONTENTS OF
81400 Senai (Registration No. 202101014501 (1414801-X)) (Registration No. 200201005356 (573019-U)) THIS PROSPECTUS.
Johor Darul Takzim THE VALUATION UTILISED FOR THE PURPOSE
OF PROPOSALS, IN RELATION TO THE LISTING,
PROSPECTUS
Principal Adviser and Sole Underwriter SUBMITTED TO AND APPROVED BY THE

REGISTERED OFFICE ADDRESS SC SHOULD NOT BE CONSTRUED AS AN
ENDORSEMENT BY THE SC ON THE VALUE OF THE
Suite 9D, Level 9 SUBJECT PROPERTIES FOR ANY OTHER PURPOSE.
Menara Ansar
ADMISSION TO THE OFFICIAL LIST ON THE
65, Jalan Trus BURSA SECURITIES IS NOT TO BE TAKEN AS AN
INDICATION OF THE MERITS OF THE OFFERING,
80000 Johor Bahru
AME REIT OR OF ITS UNITS.
Johor Darul Takzim Joint Bookrunners
INVESTORS ARE ADVISED TO READ AND
Tel : (+60)7 5959 999 UNDERSTAND THE CONTENTS OF THIS
PROSPECTUS. IF IN DOUBT, PLEASE CONSULT A
Email : corporate@ireit.com.my PROFESSIONAL ADVISER.
RHB Investment Bank Berhad FOR INFORMATION CONCERNING RISK
www.amereit.com.my (Registration No. 197401002639) (19663-P)

(A Participating Organisation of
FACTORS WHICH SHOULD BE CONSIDERED BY
PROSPECTIVE INVESTORS, SEE SECTION 5 “RISK
Bursa Malaysia Securities Berhad) FACTORS” OF THIS PROSPECTUS.
T H I S P R O S P E C T U S I S D AT E D 1 7 A U G U S T 2 0 2 2 A N D W I L L E X P I R E O N 1 6 A U G U S T 2 0 2 3
Snapshot of AME REIT
AME REIT is an Islamic REIT established with the principal investment policy of investing, directly and indirectly, in a
Shariah-compliant portfolio of income producing real estate used primarily for industrial and industrial-related purposes in
Malaysia and overseas.
The initial portfolio of AME REIT will comprise 31 Industrial Properties and 3 Industrial-Related Properties (or known as
"Dormitories") (“Subject Properties’’) with an appraised value of RM557.0 million. The aggregate net lettable area ("NLA") for
Industrial Properties is approximately 1.6 million sq ft, while the total bed capacity for Dormitories consists of 6,390 beds(1).
INDAHPURA SUBJECT PROPERTIES

SAC SUBJECT PROPERTIES
Industrial Properties
- 11 units of factories located in i-Park Industrial Properties
@ Indahpura - 13 units of factories located in i-Park @ SAC
Dormitory - 1 unit of warehouse located near to i-Park @
- 2 units of Dormitories located SAC and in the Free Industrial Zone facility
adjacent to i-Park @ Indahpura Dormitory
- 1 unit of dormitory located adjacent to i-Park @
SAC
SILC SUBJECT PROPERTIES

- 3 units of factories located in i-Park @
SILC
- 3 units of factories located in District 6
@ SILC
RM557.0 million 34 100.0% Approx. 3.5 yrs

Portfolio Market Value(2) Subject Properties Occupancy Rate for Industrial Portfolio WALE(3)
Properties and Dormitories
Notes:
(1) The total bed capacity of 6,390 beds is based on the approved capacity for Plot 17 Dorm Indahpura and SAC Dorm under their respective Certificates
for Accommodation and proposed bed capacity for Plot 13 Dorm Indahpura, which may be subject to changes upon the issuance of the Certificate for
Accommodation by the Department of Labour of Peninsular Malaysia.
(2) The market value of the Subject Properties were appraised by the Independent Property Valuer as at the valuation date of 2 August 2021 and subsequently on
7 February 2022.
(3) Weighted average lease expiry by pro forma gross rental income of the 34 Subject Properties in the manner set out in Section 2.1.3 of this Prospectus.
Selected Subject Properties AM E
_ om_
Selected Subject Properties AM e
_ _ .m
(Cont'd)
Key Investment Highlights
1 Committed Sponsor with Track Record of Delivering Value
● Proven track record as an award-winning integrated industrial space solutions provider.
● Strong alignment of interest with the Sponsor Group holding at least 51% interest in AME REIT upon Listing.
2 Synergistic Relationship with Sponsor Group Offers Unique Growth Potential
● Strong inorganic growth via right of first refusal from the Sponsor Group. In March 2022, the Sponsor Group soft-launched
i-TechValley in SILC, a new managed industrial park in Johor which is envisaged to cover 169.8 acres with estimated
gross development value of RM1.5 billion.
● The Sponsor Group is actively pursuing landbank in the northern and central regions of Peninsular Malaysia.
● Ability to tap on the in-house expertise of the Sponsor Group for further value creation via asset development/
re-development/ customisation/ asset enhancement initiatives and tap on their extensive customer network for potential
tenants.
3 Strategically Located in Iskandar Malaysia, a Prime Industrial and Economic Hub
Strong Government Ample Logistic Proximity to Beneficiary of

Support for Infrastructure Singapore Trade War
Iskandar Malaysia
Iskandar Malaysia was Well equipped Reap benefits of spillover The US-China trade war
identified in the Ninth transportation effects from Singapore resulted in some
Malaysia Plan as an infrastructure providing as it continues to attract multi-national corporations
economic hub and connectivity, accessibility foreign investments to diverting their expansion
driver for the growth of and logistical establish operations in and relocating their
Malaysia’s economy. convenience. Singapore. manufacturing facilities
to Southeast Asia from
China.
4 Management Team with Proven Track Record in REITs and Industrial Properties
● Spearheaded by CEO with proven REIT credentials.
● Experienced Directors and key personnel with core expertise.
5 Strong Branding Presence, i-Park
● Majority of the Subject Properties are located in or adjacent to the award-winning i-Park managed industrial parks.
● The properties, especially in i-Park @ SAC and i-Park @ Indahpura include infrastructure and facilities that are constructed
with environmental, social and corporate governance ("ESG") considerations in mind and have attracted many international
occupants.
(Cont'd)
6 Resilient Portfolio – Quality and Diversified Tenant Base
● Subject Properties have resilient occupancy and rental rate.
● Well-spread lease expiry terms providing stable cashflow.
● Diversified and good quality tenant base with limited tenant concentration.
Diversified Across Trade Sectors Diversified Across Tenants’ Country of Origin
Others Japan
Family
5.5% Italy 3.4%
entertainment
3.8% 3.6% Singapore
Plastic products
Top 1 2.9% Kuwait
7.4% Netherlands
Electrical and 2.0%
4.2%
Food and electronics Germany
beverage 31.2% Switzerland 17.6%
products By NLA 6.2% By NLA
8.0% (excl. France (excl.
Dormitories)(1)(2) Dormitories)(1)(2) United
6.4%
Kingdom
Medical devices Top 2 11.8%
8.5% Logistic/ Denmark Malaysia
E-commerce 6.6% 9.5%
13.3%
Industrial Top 3
China
products (Including Hong Kong) Australia The United States
Packaging of America
9.7% 8.1% 8.5%
products 9.2%
12.6%
Subject Properties by Industrial Properties Industrial-Related Properties

Market Value(1) by Occupied NLA(2) by Number of Beds(3)
8.4% 10.8%
28.6%
35.8%
22.4%
45.0%
30.9% 58.3%
Total bed capacity
24.2% 35.6% 6,390(4)
SAC Industrial Properties SILC Industrial Properties Plot 13 Dorm Indahpura

Indahpura Industrial Properties Dormitories Plot 17 Dorm Indahpura
SAC Dorm
Notes:
(1) The market value of the Subject Properties were appraised by the Independent Property Valuer as at the valuation date of 2 August 2021 and subsequently on
7 February 2022.
(2) As at 15 June 2022.
(3) NLA-based metrics are not applicable for dormitories as the tenancies are based on the total number of beds and unit capacity.
(4) The total bed capacity of 6,390 beds is based on the approved capacity for Plot 17 Dorm Indahpura and SAC Dorm under their respective Certificates
for Accommodation and proposed bed capacity for Plot 13 Dorm Indahpura, which may be subject to changes upon the issuance of the Certificate for
Accommodation by the Department of Labour of Peninsular Malaysia.
(Cont'd)
7 Rising Relevance of Workers’ Dormitories
● First Malaysian REIT to offer this asset class.
● Demand for well-designed dormitories with space for recreational activities is expected to increase as employers seek
suitable workers’ accommodation to cope with rising emphasis on ESG.
● Industrial parks with integrated purpose-built workers dormitories has an enhanced appeal to tenants and encourage
tenant retention.
8 Prudent Capital Structure that is Poised for Growth
● Low initial gearing of approximately 8.1% (of the estimated total asset value upon listing(1)) provides ample debt headroom
for future acquisitions.
Debt headroom
RM 287.3 million
Debt headroom of
up to approximately
RM240.8 million
RM 46.5 million
At Listing Date Maximum Debt
Note:
(1) Total asset value is estimated to be RM574.5 million, based on AME REIT's pro forma statement financial position as at date of establishment of AME REIT.
9 AME REIT to Benefit from Sponsor’s Strong ESG Emphasis
Environmental Social Governance

Buildings are designed based on the Developments that are conducive Commitment to uphold high standards
concept and criteria of green buildings to cultivate work-life balance and to of corporate governance through
that focuses on efficient use of maintain the health and wellbeing of maintaining a robust governance
resources, reduction in building impact the operators, workers and employees framework that promotes ethical
on human health and environment. through clean and green landscaped conduct, transparency and sustainable
surroundings and recreational value creation.
amenities.
All terms used are defined under “Definitions” and “Presentation of Financial, Market, Industry and
Other Information”, commencing on pages xi and xxiv of this Prospectus respectively.
RESPONSIBILITY STATEMENTS
The Directors, the Directors of the Sponsor and the Directors of Selling Subsidiaries have seen and
approved this Prospectus. They collectively and individually accept full responsibility for the accuracy
of the information. Having made all reasonable enquiries, and to the best of their knowledge and
belief, they confirm that there is no false or misleading statement, or other facts which if omitted,
would make any statement in the Prospectus false or misleading.
HLIB, being the Principal Adviser, the Joint Bookrunner and the Sole Underwriter, and RHB IB being
the Joint Bookrunner acknowledge that, based on all available information, and to the best of their
knowledge and belief, this Prospectus constitutes a full and true disclosure of all material facts
concerning the Offering.
BIMBSEC, being the Shariah Adviser to AME REIT acknowledges that, based on all available
information, and to the best of its knowledge and belief, is satisfied that the assets and the rental
income that constitute AME REIT are not related to non-compliant activities according to the Shariah
principles and that AME REIT is certified as being Shariah-compliant. The Shariah Adviser wishes to
highlight that the computed Shariah non-compliant rental from the Subject Properties is 0.01% of the
total rental income based on the FYE 2022 and less than 0.01% of the total rental income based on
the Pro Forma Gross Rental Income.
The Directors and the Directors of the Sponsor confirm that the bases and assumptions relied on in
the preparation of the Profit Forecast for the inclusion in this Prospectus are reasonable. HLIB, being
the Principal Adviser, the Joint Bookrunner and the Sole Underwriter is satisfied that bases and
assumptions relied on in the preparation of the Profit Forecast are reasonable.
NOTICE TO INVESTORS AND ADDITIONAL STATEMENTS
Investors should note that they may seek recourse under the CMSA for breaches of securities laws
and regulations including any statement in this Prospectus that is false, misleading, or from which
there is a material omission; or for any misleading or deceptive act in relation to this Prospectus or
the conduct of any other person in relation to AME REIT.
The Offering in this Prospectus has been certified as Shariah-compliant by the Shariah Adviser.
Securities listed on Bursa Securities are offered to the public on the premise of full and accurate
disclosure of all material information concerning the issue for which any person set out in Section 236
of the CMSA, e.g. directors and advisers, are responsible.
Bursa Securities’ approval for the admission of all the Units to be issued to the Official List of the Main
Market and for the listing of and quotation for all the 520.0 million Units to be issued pursuant to the
Listing as well as the 30.0 million Units to be issued as part payment of the Management Fees on a
staggered basis, was obtained on 2 June 2022.
Investors should note that any agreement by the Sole Underwriter to underwrite the Units under the
Restricted Pink Form Offering and Public Offering is not to be taken as an indication of the merits of
the Units being offered.
This Prospectus has not been and will not be made to comply with the laws of any jurisdiction other
than Malaysia, and has not been and will not be lodged, registered or approved pursuant to or under
any applicable securities or equivalent legislation or with or by any regulatory authority or other
relevant body of any jurisdiction other than Malaysia.
i
The Manager will not, prior to acting on any acceptance in respect of the Offering, make or be bound
to make any inquiry as to whether investors have a registered address in Malaysia and will not accept
or be deemed to accept any liability in relation thereto whether or not any inquiry or investigation is
made in connection therewith. It shall be the investors’ sole responsibility if they are or may be subject
to the laws of countries or jurisdictions other than Malaysia to consult their legal and/or other
professional advisers as to whether the Offering would result in the contravention of any laws of such
countries or jurisdictions.
Further, it shall also be the investors’ sole responsibility to ensure that their applications for the
Offering would be in compliance with the terms of the Offering and would not be in contravention of
any laws of countries or jurisdictions other than Malaysia to which they may be subjected. The
Manager will further assume that investors have accepted the Offering in Malaysia and will at all
applicable times be subjected only to the laws of Malaysia in connection therewith.
However, the Manager reserves the right, in its absolute discretion, to treat any acceptance as invalid
if the Manager believes that such acceptance may violate any law or applicable legal or regulatory
requirements.
No action has been or will be taken to ensure that this Prospectus complies with the laws of any
countries or jurisdictions other than the laws of Malaysia. The Manager, the Sponsor, the Selling
Subsidiaries, the Principal Adviser, the Joint Bookrunners and the Sole Underwriter shall not accept
any responsibility or liability in the event that any application made by investors shall become illegal,
unenforceable, voidable or void in any country or jurisdiction.
This Prospectus is published solely in connection with the Offering. The Units being offered in the
Offering are offered solely on the basis of the information contained and representations made in this
Prospectus. The Manager, the Sponsor, the Selling Subsidiaries, the Principal Adviser, the Joint
Bookrunners and the Sole Underwriter have not authorised anyone to provide any information or to
make any representation not contained in this Prospectus. Any information or representation not
contained in this Prospectus must not be relied upon as having been authorised by the Manager, the
Sponsor, the Selling Subsidiaries, the Principal Adviser, the Joint Bookrunners and the Sole
Underwriter, or any of their respective directors or any other persons involved in the Offering. If anyone
provides investors with different or inconsistent information, investors should not rely upon it. Neither
the delivery of this Prospectus nor any offer, subscription, sale or transfer made hereunder shall under
any circumstances imply that the information herein is correct as of any date subsequent to the date
hereof or constitute a representation that there has been no change or development reasonably likely
to involve a material adverse change in the affairs, conditions and prospects of AME REIT, the
Manager or the Units since the date of this Prospectus. Investors should take notice of such
announcements and documents and upon release of such announcements and documents shall be
deemed to have notice of such changes. Unless required by applicable laws, and save as provided
in the responsibility statement of the Directors, the Directors of the Sponsor and the Directors of
Selling Subsidiaries as set out in this Prospectus, no representation, warranty or covenant, express
or implied, is made by any of AME REIT, the Manager, the Sponsor, the Selling Subsidiaries, the
Principal Adviser, the Joint Bookrunners and the Sole Underwriter or any of their respective affiliates,
directors, officers, employees, agents, representatives or advisers as to the accuracy or completeness
of the information contained herein, and nothing contained in this Prospectus is, or shall be relied
upon as, a promise, representation or covenant by any of AME REIT, the Manager, the Sponsor, the
Selling Subsidiaries, the Principal Adviser, the Joint Bookrunners and the Sole Underwriter or their
respective affiliates, directors, officers, employees, agents, representatives or advisers.
None of AME REIT, the Manager, the Sponsor, the Selling Subsidiaries, the Principal Adviser, the
Joint Bookrunners and the Sole Underwriter or any of their respective affiliates, directors, officers,
employees, agents, representatives or advisers is making any representation or undertaking to any
purchaser or subscriber of Units regarding the legality of an investment by such purchaser or
subscriber under appropriate legal, investment or similar laws. In addition, investors in the Units
should not construe the contents of this Prospectus as legal, business, financial or tax advice.
Investors should be aware that they may be required to bear the financial risks of an investment in
the Units for an indefinite period of time. Investors should consult their own professional advisers as
to the legal, tax, business, financial and related aspects of an investment in the Units.
ii
ii
The distribution of this Prospectus and the offering, subscription, purchase, sale or transfer of the
Units in certain jurisdiction may be restricted by law. AME REIT, the Manager, the Sponsor, the Selling
Subsidiaries, the Principal Adviser, the Joint Bookrunners and the Sole Underwriter require persons
into whose possession this Prospectus comes to inform themselves about and to observe any such
restrictions at their own expense and without liability to AME REIT, the Manager, the Sponsor, the
Selling Subsidiaries, the Trustee, the Principal Adviser, the Joint Bookrunners and the Sole
Underwriter. This Prospectus does not constitute, and the Manager, the Sponsor, the Selling
Subsidiaries, the Principal Adviser, the Joint Bookrunners and the Sole Underwriter are not making,
an offer of, or an invitation to subscribe for or purchase, any of the Units in any jurisdiction in which
such offer or invitation would be unlawful. Persons to whom a copy of this Prospectus has been issued
shall not circulate to any other person, reproduce or otherwise distribute this Prospectus or any
information herein for any purpose whatsoever nor permit or cause the same to occur.
This Prospectus is available from Bursa Securities’ website at www.bursamalaysia.com.
This Prospectus has been prepared in the context of the Offering under the laws of Malaysia.
ELECTRONIC PROSPECTUS
This Prospectus can be viewed or downloaded from Bursa Malaysia Berhad’s website at
www.bursamalaysia.com.The contents of the electronic copy of this Prospectus and the copy of this
Prospectus registered with the SC are the same.
The internet is not a fully secured medium. The internet application for the Units may be subject to
risks in data transmission, computer security threats such as viruses, hackers and crackers, faults
with computer software and other events beyond the control of the Internet Participating Financial
Institutions. These risks cannot be borne by the Internet Participating Financial Institutions. If investors
doubt the validity or integrity of the Electronic Prospectus, investors should immediately request from
the Manager or the Issuing House, a paper/printed copy of this Prospectus. If there is any discrepancy
between the contents of the Electronic Prospectus and the paper/printed copy of this Prospectus, the
contents of the paper/printed copy of this Prospectus which are identical to the copy of the Prospectus
registered with the SC will prevail.
In relation to any reference in this Prospectus to third-party internet sites (“Third-Party Internet
Sites”), whether by way of hyperlinks or by way of description of the Third-Party Internet Sites,
investors acknowledge and agree that:
(i) each of the Manager, the Sponsor, the Selling Subsidiaries, the Principal Adviser, the Joint
Bookrunners and the Sole Underwriter does not endorse and is not affiliated in any way to
the Third-Party Internet Sites. Accordingly, each of the Manager, the Sponsor, the Selling
Subsidiaries, the Principal Adviser, the Joint Bookrunners and Sole Underwriter is not
responsible for any availability of or the content or any data, information, files or other material
provided on the Third-Party Internet Sites. Investors bear all risks associated with the access
to or use of the Third-Party Internet Sites;
(ii) each of the Manager, the Sponsor, the Selling Subsidiaries, the Principal Adviser, the Joint
Bookrunners and the Sole Underwriter is not responsible for the quality of products or
services in the Third-Party Internet Sites, particularly in fulfilling any terms of agreements with
the Third-Party Internet Sites. Each of the Manager, the Sponsor, the Selling Subsidiaries,
the Principal Adviser, the Joint Bookrunners and the Sole Underwriter is also not responsible
for any loss or damage or cost that investors may suffer or incur in connection with or as a
result of dealing with the Third-Party Internet Sites or the use of or reliance on any data,
information, files or other material provided by such parties; and
(iii) any data, information, file or other material downloaded from the Third-Party Internet Sites is
done at the investors’ own discretion and risk. Each of the Manager, the Sponsor, the Selling
Subsidiaries, the Principal Adviser, the Joint Bookrunners and the Sole Underwriter is not
responsible, liable or under obligation for any damage to investors’ computer systems or loss
of data resulting from the downloading of any such data, information, file or other material.
iii
iii
Where an Electronic Prospectus is hosted on the website of the Internet Participating Financial
Institutions, investors are advised that:
(i) the Internet Participating Financial Institutions are only liable in respect of the integrity of the
contents of the Electronic Prospectus, to the extent of the contents of the Electronic
Prospectus on the web server of the Internet Participating Financial Institutions which may
be viewed via your web browser or other relevant software. The Internet Participating
Financial Institutions are not responsible for the integrity of the contents of the Electronic
Prospectus which has been obtained from the web server of the Internet Participating
Financial Institution and subsequently communicated or disseminated in any manner to
investors or other parties; and
(ii) while all reasonable measures have been taken to ensure the accuracy and reliability of the
information provided in the Electronic Prospectus, the accuracy and reliability of the
Electronic Prospectus cannot be guaranteed because the internet is not a fully secure
medium.
The Internet Participating Financial Institutions are not liable (whether in tort or contract or otherwise)
for any loss, damage or costs, that you or any other person may suffer or incur due to, as a
consequence of or in connection with any inaccuracies, changes, alterations, deletions or omissions
in respect of the information provided in the Electronic Prospectus which may arise in connection with
or as a result of any fault with web browsers or other relevant software, any fault or faults on investors’
and/or any third party’s personal computer, operating system or other software, viruses or other
security threats, unauthorised access to information or systems in relation to the website of the
Internet Participating Financial Institutions, and/or problems occurring during data transmission which
may result in inaccurate or incomplete copies of information being downloaded or displayed on
investors’ personal computers.
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INDICATIVE TIMETABLE
An indicative timetable for the Offering is set out below:
Date and time Event

29 July 2022 Announcement of Entitlement Date
15 August 2022 Entitlement Date
17 August 2022, 10.00 a.m. Opening of the Retail Offering and Institutional Offering
24 August 2022, 5.00 p.m. Closing of the Retail Offering
30 August 2022, 5.00 p.m. Closing of the Institutional Offering
30 August 2022 Price Determination Date
1 September 2022 Balloting of applications for Offer Units pursuant to the Public
Offering
12 September 2022 Allotment of Offer Units to successful applicants
20 September 2022 Listing of AME REIT on the Main Market
The above timetable is indicative only and is subject to change. If there is any change or extension of
the abovementioned dates, it will be announced by way of advertisement in widely circulated Bahasa
Malaysia and English newspapers within Malaysia.
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TABLE OF CONTENTS
Page
DEFINITION .................................................................................................................................. xi
PRESENTATION OF FINANCIAL, MARKET, INDUSTRY AND OTHER INFORMATION xxiv
FORWARD-LOOKING STATEMENTS ........................................................................................ xxvi
CORPORATE DIRECTORY .......................................................................................................... xxvii
INFORMATION SUMMARY ......................................................................................................... 1

OVERVIEW OF AME REIT ........................................................................................................... 1
SUMMARY OF AME REIT ............................................................................................................. 3
STRUCTURE OF AME REIT ......................................................................................................... 6
OVERVIEW OF THE SUBJECT PROPERTIES ............................................................................ 7
COMPETITIVE STRENGTHS AND INVESTMENT HIGHLIGHTS ............................................... 9
IMPACT OF COVID-19 .................................................................................................................. 20
SUSTAINABILITY …… .................................................................................................................. 21
PRINCIPAL STATISTICS RELATING TO THE OFFERING ......................................................... 21
FINANCIAL HIGHLIGHTS ............................................................................................................. 24
PROFIT FORECAST ..................................................................................................................... 27
RISK FACTORS ............................................................................................................................. 29
FEES AND CHARGES .................................................................................................................. 36
1. DETAILED INFORMATION ON AME REIT ................................................................... 40

1.1 OVERVIEW OF AME REIT .................................................................................. 40
1.2 STRUCTURE OF AME REIT ............................................................................... 40
1.3 STRATEGIES ....................................................................................................... 40
1.4 INVESTORS’ PROFILE........................................................................................ 45
1.5 PERFORMANCE BENCHMARK ......................................................................... 45
1.6 DISTRIBUTION POLICY ...................................................................................... 46
1.7 VALUATION POLICY ........................................................................................... 46
1.8 FINANCING LIMITATIONS AND GEARING POLICY ......................................... 47
1.9 INTELLECTUAL PROPERTY .............................................................................. 47
1.10 SHARIAH INVESTMENT GUIDELINES .............................................................. 48
2. SUBJECT PROPERTIES ............................................................................................... 51

2.1 OVERVIEW OF THE SUBJECT PROPERTIES .................................................. 51
2.2 COMPETITIVE STRENGTHS AND INVESTMENT HIGHLIGHTS ...................... 81
2.3 IMPACT OF COVID-19 ........................................................................................ 103
2.4 ACQUISITION OF THE SUBJECT PROPERTIES .............................................. 104
2.5 VALUATION POLICIES........................................................................................ 106
2.6 INDEPENDENT MARKET RESEARCH REPORT .............................................. 106
2.7 TENANCY/LEASE MANAGEMENT ..................................................................... 106
2.8 INSURANCE ........................................................................................................ 107
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TABLE OF CONTENTS (Cont’d)
Page
2.9 FIRE PROTECTION ............................................................................................. 107
2.10 CAPITAL EXPENDITURE AND ASSET ENHANCEMENT INITIATIVES ............ 107
2.11 LEGAL PROCEEDINGS ...................................................................................... 107
2.12 DETAILS OF THE SUBJECT PROPERTIES ...................................................... 108
3. DETAILS OF THE OFFERING ........................................................................................ 131

3.1 INTRODUCTION ................................................................................................. 131
3.2 TOTAL UNITS TO BE ISSUED ........................................................................... 131
3.3 PURPOSE OF THE OFFERING .......................................................................... 132
3.4 DETAILS OF OFFERING .................................................................................... 132
3.5 IRREVOCABLE UNDERTAKINGS ...................................................................... 139
3.6 INDICATIVE TIMETABLE .................................................................................... 140
3.7 BASIS OF DETERMINING THE PRICE OF THE OFFER
UNITS ……………………………………………………………………………… 140
3.8 LISTING SCHEME ............................................................................................... 142
3.9 REIT FINANCING ................................................................................................ 144
3.10 UTILISATION OF PROCEEDS ............................................................................ 145
3.11 BROKERAGE, COMMISSIONS AND OTHER FEES AND
CHARGES………………………………………………………………………….. 145
3.12 SALIENT TERMS OF THE UNDERWRITING AGREEMENT ............................. 146
3.13 TRADING ON THE MAIN MARKET AND SETTLEMENT IN THE
SECONDARY MARKET ...................................................................................... 150
4. FINANCIAL INFORMATION ........................................................................................... 151

4.1 UNAUDITED PRO FORMA STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME ................................................................ 151
4.2 PRO FORMA STATEMENT OF FINANCIAL POSITION .................................... 153
4.3 CAPITALISATION AND INDEBTEDNESS ......................................................... 155
4.4 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS ................................................ 155
4.5 PROFIT FORECAST ........................................................................................... 181
5. RISK FACTORS .............................................................................................................. 191

5.1 RISKS RELATING TO THE SUBJECT PROPERTIES ........................................ 191
5.2 RISKS RELATING TO AME REIT’S OPERATIONS ............................................ 199
5.3 RISKS RELATING TO AN INVESTMENT IN THE UNITS................................... 209
6. THE MANAGER .............................................................................................................. 214

6.1 CORPORATE INFORMATION ............................................................................ 214
6.2 FUNCTIONS, DUTIES AND RESPONSIBILITIES OF THE MANAGER ............. 214
6.3 MANAGEMENT REPORTING STRUCTURE OF THE MANAGER ................... 217
6.4 DIRECTORS OF THE MANAGER ...................................................................... 217
6.5 MANAGEMENT TEAM OF THE MANAGER ...................................................... 229
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Page
6.6 MANAGEMENT FEES ......................................................................................... 232
6.7 OUTSOURCING OF THE REGISTRAR FUNCTION .......................................... 235
6.8 OUTSOURCING OF THE INTERNAL AUDIT FUNCTION .................................. 237
6.9 OUTSOURCING OF COMPANY SECRETARIAL FUNCTION ........................... 238
6.10 UNITHOLDINGS OF THE SPONSOR, SUBSTANTIAL SHAREHOLDERS,
DIRECTORS AND KEY MANAGEMENT PERSONNEL OF THE
MANAGER IN AME REIT ..................................................................................... 239
6.11 RETIREMENT, REMOVAL AND REPLACEMENT OF THE MANAGER ............ 241
6.12 RELATED PARTY TRANSACTIONS AND CONFLICTS OF INTEREST ........... 242
6.13 CORPORATE GOVERNANCE ............................................................................ 242
6.14 MATERIAL LITIGATION AND ARBITRATION .................................................... 242
6.15 SUSTAINABILITY…………………………………………………………………. 242
7. BACKGROUND INFORMATION ON THE SPONSOR ................................................... 245

7.1 THE SPONSOR ................................................................................................... 245
7.2 RELEVANT EXPERIENCE .................................................................................. 250
7.3 UNITHOLDINGS OF THE SPONSOR IN AME REIT .......................................... 250
8. THE TRUSTEE ................................................................................................................ 251

8.1 CORPORATE INFORMATION ............................................................................ 251
8.2 BOARD OF DIRECTORS OF THE TRUSTEE .................................................... 251
8.3 FUNCTIONS, DUTIES AND RESPONSIBILITIES OF THE TRUSTEE .............. 252
8.4 FINANCIAL INFORMATION OF THE TRUSTEE ................................................ 253
8.5 TRUSTEE’S FEE.................................................................................................. 253
8.6 RETIREMENT, REMOVAL AND REPLACEMENT OF THE TRUSTEE ............. 253
8.7 TRUSTEE’S RESPONSIBILITY STATEMENT ................................................... 254
8.8 MATERIAL LITIGATION AND ARBITRATION .................................................... 254
8.9 DELEGATION OF THE TRUSTEE’S FUNCTION ............................................... 254
9. THE SHARIAH ADVISER ................................................................................................ 255

9.1 BACKGROUND INFORMATION ......................................................................... 255
9.2 BOARD OF DIRECTORS OF THE SHARIAH ADVISER .................................... 255
9.3 FUNCTIONS, DUTIES AND RESPONSIBILITIES OF THE SHARIAH
ADVISER…………………………………………………………………………… 255
9.4 PROFILES OF THE SHARIAH PERSONNEL ..................................................... 256
10. PROPERTY MANAGER .................................................................................................. 257

10.1 PROPERTY MANAGER’S INFORMATION ......................................................... 257
10.2 FUNCTIONS, DUTIES AND RESPONSIBILITIES OF THE PROPERTY
MANAGER .......................................................................................................... 257
10.3 EXPERIENCE IN PROPERTY MANAGEMENT AND PROPERTIES
MANAGED ........................................................................................................... 258
10.4 INFORMATION ON KEY PERSONNEL .............................................................. 258
10.5 PROPERTY MANAGEMENT FEE ....................................................................... 259
10.6 SALIENT TERMS OF THE PROPERTY MANAGEMENT AGREEMENT ........... 259
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10.7 UNITHOLDING OF THE PROPERTY MANAGER IN AME REIT ....................... 260
10.8 SERVICE PROVIDERS TO PROVIDE PERSONNEL TO THE PROPERTY
MANAGER ........................................................................................................... 260
11. SALIENT TERMS OF THE DEED ................................................................................... 261

11.1 THE DEED ........................................................................................................... 261
11.2 NATURE OF UNITS ............................................................................................. 261
11.3 RIGHTS OF UNITHOLDERS ............................................................................... 261
11.4 LIMITATION OF LIABILITY AND RIGHTS OF UNITHOLDERS ......................... 262
11.5 CREATION OF UNITS ......................................................................................... 263
11.6 SUSPENSION OF, DEALING IN AND ISSUE OF UNITS ................................... 263
11.7 UNITS BUY-BACK ............................................................................................... 264
11.8 VENDOR UNITS .................................................................................................. 264
11.9 DISTRIBUTABLE INCOME .................................................................................. 264
11.10 INVESTMENT POLICIES OF AME REIT............................................................. 265
11.11 CONCERNING THE TRUSTEE ........................................................................... 267
11.12 FUNCTIONS, DUTIES AND RESPONSIBILITIES OF THE TRUSTEE .............. 267
11.13 RETIREMENT, REMOVAL AND REPLACEMENT OF THE TRUSTEE ............. 267
11.14 LIMITATION OF LIABILITY AND INDEMNITY OF THE TRUSTEE .................... 268
11.15 CONCERNING THE MANAGER ......................................................................... 268
11.16 FUNCTIONS, DUTIES AND RESPONSIBILITIES OF THE MANAGER ............. 269
11.17 RETIREMENT, REMOVAL AND REPLACEMENT OF THE MANAGER ............ 269
11.18 LIMITATION OF LIABILITY AND INDEMNITY OF THE MANAGER ................... 270
11.19 MANAGER’S FEES AND TRUSTEE’S FEES ..................................................... 270
11.20 PERMITTED CHARGES OF AME REIT .............................................................. 270
11.21 MODIFICATION OF THE DEED .......................................................................... 270
11.22 TERMINATION AND WINDING-UP OF AME REIT ............................................. 270
11.23 MEETINGS OF UNITHOLDERS .......................................................................... 272
CORPORATE GOVERNANCE, RELATED PARTY TRANSACTIONS AND

12.
CONFLICT OF INTEREST .............................................................................................. 273
12.1 CORPORATE GOVERNANCE ............................................................................ 273
12.2 EXISTING AND ON-GOING RELATED PARTY TRANSACTIONS .................... 273
12.3 POTENTIAL RELATED PARTY TRANSACTIONS ............................................. 278
12.4 POTENTIAL CONFLICT OF INTEREST.............................................................. 279
12.5 INTERESTS OF DIRECTORS AND OTHER SUBSTANTIAL
SHAREHOLDERS OF THE MANAGER IN OTHER CORPORATIONS
CARRYING ON SIMILAR BUSINESS ................................................................. 285
12.6 OTHER PERTINENT INFORMATION ................................................................. 286
12.7 DECLARATIONS BY ADVISERS ........................................................................ 286
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13. APPROVALS, CONDITIONS, WAIVERS AND VARIATIONS ....................................... 290
13.1 APPROVALS AND CONDITIONS ....................................................................... 290
13.2 WAIVERS AND VARIATIONS ............................................................................. 293
14. OVERVIEW OF THE RELEVANT LAWS AND REGULATIONS IN MALAYSIA ........... 294
14.1 OVERVIEW OF REGULATION OF REITS IN MALAYSIA .................................. 294
14.2 OVERVIEW OF LAND LAW ................................................................................. 297
15. ADDITIONAL INFORMATION ......................................................................................... 304

15.1 GENERAL ............................................................................................................ 304
15.2 MATERIAL CONTRACTS .................................................................................... 304
15.3 SALIENT TERMS OF THE SPAS ........................................................................ 306
15.4 SALIENT TERMS ON THE ROFRS..................................................................... 308
15.5 CONSENTS.......................................................................................................... 309
15.6 DOCUMENTS AVAILABLE FOR INSPECTION .................................................. 310
15.7 RESPONSIBILITY STATEMENTS ...................................................................... 311
APPENDIX A VALUATION CERTIFICATES A-1

APPENDIX B INDEPENDENT MARKET RESEARCH REPORT B-1
APPENDIX C TAX CONSULTANT’S LETTER ON TAXATION OF AME REIT AND C-1
UNITHOLDERS
APPENDIX D REPORTING ACCOUNTANTS’ REPORT ON THE PRO FORMA D-1
STATEMENT OF FINANCIAL POSITION
APPENDIX E REPORTING ACCOUNTANTS’ LETTER ON THE PROFIT FORECAST E-1
APPENDIX F SHARIAH PRONOUNCEMENT F-1
APPENDIX G PROCEDURES FOR APPLICATION AND ACCEPTANCE G-1
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DEFINITIONS
The following terms in this Prospectus bear the same meaning as set out below unless the term is defined
otherwise or the context requires otherwise:
Acquisitions : Acquisitions by the Trustee (on behalf of AME REIT) of the

Subject Properties for a total purchase consideration of
approximately RM557.0 million to be satisfied by Cash
Consideration and Consideration Units
Act 446 : Workers' Minimum Standards of Housing and Amenities Act

1990, as amended from time to time and any re-enactment
thereof
Active Gold : Active Gold Services Sdn Bhd (Registration No. 200701023058
(781073-X)), a company incorporated under the laws of
Malaysia, a 99.9% owned subsidiary of the Sponsor
ADA : Authorised Depository Agent
AME Development : AME Development Sdn Bhd (Registration No. 200801002418

(803702-H)), a company incorporated under the laws of
Malaysia, a wholly-owned subsidiary of the Sponsor
AME Group or Sponsor Group : Collectively, the Sponsor, its subsidiaries and a jointly-controlled
entity
AME REIT : AME Real Estate Investment Trust, a real estate investment trust
established in Malaysia and constituted under the Deed
AME Shares : Ordinary shares in AME
Application Form(s) : Application forms for the application of the Offer Units under the
Retail Offering accompanying this Prospectus
Appraised Value : In relation to a Subject Property, the value of that Subject

Property as appraised by the Independent Property Valuer as at
the valuation date of 2 August 2021 and subsequently on 7
February 2022
Asset Valuation Guidelines : Asset Valuation Guidelines issued by the SC, as amended from
time to time
ATM : Automated teller machine
baitulmal : The treasury under a State Islamic Religious Council
BNM : Bank Negara Malaysia
Board : Board of Directors of the Manager
Book Closing Date : The specified time and date set by the Manager for the purpose
of determining the Unitholders’ entitlement to the Distributable
Income, Offer Units or other distributions or entitlements
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DEFINITIONS (Cont’d)
Bumiputera : In the context of:

(i) individuals, Malays and the aborigines and the natives of
Sabah and Sarawak as specified in the Federal
Constitution of Malaysia;
(ii) companies, a company which fulfils, amongst others, the
following criteria or such other criteria as may be imposed
by the MITI:
(a) registered under the Act or Companies Act 1965 as a
private company;
(b) its shareholders are 100% Bumiputera; and
(c) its board of directors (including its staff) are at least
51% Bumiputera; and
(iii) cooperatives, a cooperative whose shareholders or
cooperative members are at least 95% Bumiputera or such
other criteria as may be imposed by the MITI
Bursa Depository : Bursa Malaysia Depository Sdn Bhd (Registration Number:

198701006854 (165570-W)), a company incorporated under the
laws of Malaysia, being the central depository of Malaysia
Bursa Securities : Bursa Malaysia Securities Berhad (Registration Number:

200301033577 (635998-W)), a company incorporated under the
laws of Malaysia, being the securities exchange of Malaysia
CA 2016 or Act : Companies Act 2016, as amended from time to time and any re-
enactment thereof
CAGR : Compound annual growth rate
Cash Consideration : The part settlement of purchase consideration for the

Acquisitions of approximately RM37.0 million in cash, to be
funded from Islamic Financing Facilities
CCC : Certificate of Completion and Compliance
CCTV : Closed-circuit Television, a system comprising surveillance

cameras installed in specific places and a monitoring program
(comprising various hardware and software) used for the purpose
of security monitoring
CDS : Central Depository System
CDS Account : An account established by Bursa Depository for a depositor for

the recording of the deposit of securities and for dealing in such
securities by the depositor
CEO : Chief Executive Officer
CIS Prospectus Guidelines : Prospectus Guidelines for Collective Investment Schemes

issued by the SC, as amended from time to time
Clawback and Reallocation : The clawback and reallocation provision as set out in Section
3.4.3 “Clawback and Reallocation” of this Prospectus
CMSA : Capital Markets and Services Act 2007, as amended from time
to time and any re-enactment thereof
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Completion Date of the SPA(s) : The date on which the Acquisitions are completed or deemed to
be completed on the terms as set out in the SPA(s)
Consideration Units : The 520,000,000 Units to be issued as part satisfaction of the

purchase consideration for the Acquisitions at the issue price of
RM1.00 per Unit which shall be deemed fully paid
Controlling Unitholders : Any person who is or a group of persons who together are
entitled to exercise or control the exercise of more than 33.0%
of the voting units in a unit trust scheme
COVID-19 : Coronavirus disease (COVID-19), an infectious disease caused

by severe acute respiratory syndrome coronavirus 2 (SARS-
CoV-2)
Deed : The deed of trust dated 23 May 2022 between the Manager and
the Trustee constituting AME REIT, and registered with the SC
on 23 May 2022
Director(s) : Directors of the Manager
Distributable Income : The amount available for distribution to the Unitholders of AME
REIT and having the meaning as set out in Section 11.9
“Distributable Income” of this Prospectus
Distribution Period : Quarterly or such other interval as the Manager may determine
in accordance with the Deed
Distribution Yield : The ratio of distribution paid to Unitholders from AME REIT’s
Distributable Income to the market price of the Units
District 6 @ SILC : District 6 @ SILC, an industrial real estate located in SILC,

Iskandar Puteri, Johor
District 6 @ SILC Subject : 3 industrial properties constituting SILC Subject Properties

Properties located in District 6 @ SILC
DMC : Deed of mutual covenant to be entered into by the respective

developers of i-Park @ SAC, i-Park @ Indahpura and i-Park @
SILC and the Trustee (on behalf of AME REIT), as the
purchaser in relation to the sale and purchase of the Subject
Properties located in these managed industrial parks pursuant
to the Acquisitions
DPU : Distribution per Unit
e-commerce : Commercial transactions conducted electronically on the

internet
Electronic Application(s) : Application(s) for the Offer Units under the Public Offering for
the Malaysian Public through the ATMs of Participating
Financial Institution(s)
Electronic Prospectus : A copy of this Prospectus that is issued, circulated or

disseminated via the internet and/or any electronic storage
medium, including but not limited to CD-ROMs (compact disc
read-only memory)
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Eligible Directors and Employees : Eligible directors and employees of AME and its subsidiaries
under the Restricted Pink Form Offering
Entitled AME Shareholders : Shareholders of AME whose names appear in the Record of
Depositors of AME at the close of business on the Entitlement
Date
Entitlement Date : 15 August 2022, being the date as announced by AME, on

which the names of the Entitled AME Shareholders appear in
the Record of Depositors of AME as at 5.00 p.m., in order to be
entitled to the ROFS
ESG : Environmental, social and corporate governance
Excess Offer Units : Any Offer Units not taken up by the Eligible Directors and
Employees under the Restricted Pink Form Offering
Excess Offer Units Applications : Any unsubscribed Offer Units offered to other Eligible Directors
and Employees
Excess ROFS Units : Any ROFS Units not taken up by the Entitled AME Shareholders
under the ROFS
Excess ROFS Applications : Any unsubscribed ROFS Units offered to other Entitled AME
Shareholders
FDI : Foreign direct investment
Final Retail Price : Final price per Offer Unit payable by investors pursuant to the
Retail Offering equivalent to RM1.15 per Offer Unit or the
Institutional price, whichever is lower, to be determined on the
Price Determination Date
Forecast Year 2023 : 1 April 2022 to 31 March 2023
Freehold : A status of a land or property with permanent and absolute

tenure term whereby the owner has the perpetuity ownership of
the land or property
FYE : Financial year ended/ending 31 March, as the case may be
FZW SAC : Industrial Property used as a warehouse located in the Free

Industrial Zone facility which is near to i-Park @ SAC
gated and guarded industrial : Gated and guarded industrial park(s) with perimeter fencing and
park(s) enhanced security features such as visitor management
system, access cards system, CCTV surveillance and guard
patrol to prevent unauthorised access. Some gated and
guarded industrial parks also provide amenities such as
workers’ dormitories, recreational facilities, landscaping and
general maintenance
GDP : Gross domestic product
GDV : Gross development value
GFA : Gross floor area
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xiv
Global Certificate : A certificate issued to Bursa Depository pursuant to the

provisions of the Deed relating to some or all the Units
registered in the name of Bursa Depository or its nominee
company in such manner as may be prescribed by the Rules of
Bursa Depository or as agreed with Bursa Depository
Government : Government of Malaysia
Gross Rental Income : Base rental from tenants occupying the NLA
HLIB or Principal Adviser, Joint : Hong Leong Investment Bank Berhad (Registration No.
Bookrunner and/or Sole 197001000928 (10209-W)), being the Principal Adviser, Joint
Underwriter Bookrunner and Sole Underwriter
Income Tax Act : Income Tax Act, 1967, as amended from time to time and any
re-enactment thereof
Indahpura Subject Properties : Collectively, 11 Industrial Properties located in i-Park @

Indahpura and 2 Industrial-Related Properties located adjacent
to i-Park @ Indahpura
Independent Market Researcher : Smith Zander International Sdn Bhd (Registration No.
201301028298 (1058128-V)), a company incorporated under
the laws of Malaysia
Independent Property Valuer : CBRE WTW Valuation & Advisory Sdn Bhd (formerly known as
C H Williams Talhar & Wong Sdn Bhd) (Registration No.
197401001098 (18149-U)), a company incorporated under the
laws of Malaysia
Industrial Property(ies) : Freehold property(ies) used for industrial purposes and include
any office on the same property, the use of which is incidental
to such industrial activity, all of which are located in or near to i-
Park @ SAC, i-Park @ Indahpura, i-Park @ SILC and District 6
@ SILC, all of which are described in Section 2 of this
Prospectus
Industrial-Related Property(ies) or : Industrial-related real estate(s) which are used as workers’

Dormitory(ies) dormitory(ies) located adjacent to i-Park @ Indahpura and i-
Park @ SAC, all of which are described in Section 2 of this
Prospectus
Institutional Offering : Offering of at least 79,991,180 Offer Units, subject to Clawback

and Reallocation, to Malaysian institutional investors and
selected investors, including Bumiputera investors approved by
MITI, at the Institutional Price
Institutional Price : The price per Offer Unit payable by the institutional investors
pursuant to the Institutional Offering which will be determined
on the Price Determination Date by way of a bookbuilding
exercise
Internet Application(s) : Application(s) for the Offer Units under the Public Offering for
the Malaysian public portion through an Internet Participating
Financial Institution(s)
Internet Participating Financial : Participating financial institutions for the Internet Application as
Institution(s) referred to in Appendix G “Procedure for the Application and
Acceptance” of this Prospectus
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Ipark Development : Ipark Development Sdn Bhd (Registration No. 201201034205

(1018693-K)), a company incorporated under the laws of
Malaysia, a 79.9% owned subsidiary of the Sponsor
i-Park @ Indahpura : A managed industrial park development project undertaken by

AME Development for Phase 1 and 2, and by Axis AME IP Sdn
Bhd, a jointly-controlled entity of AME, for Phase 3, located in
Bandar Indahpura, Kulai, Johor
i-Park @ SAC : A managed industrial park developed by Ipark Development,

located in Senai Airport City, Johor
i-Park @ SILC : A managed industrial park development by AME Development,

located in Southern Industrial Logistics Clusters Industrial Park,
Iskandar Puteri, Johor
i-Park @ SILC Subject Properties : 3 Industrial Properties constituting SILC Subject Properties
located in i-Park @ SILC
I Stay : I Stay Management Sdn Bhd (Registration No. 201401005035

Malaysia, a 70% owned subsidiary of the Sponsor
Iskandar Malaysia : The main southern development corridor in Johor established in

2006, which consists of five local government authorities,
namely Johor Bahru City Council, Iskandar Puteri City Council,
Pasir Gudang Municipal Council, Kulai Municipal Council and
Pontian District Council
Islamic Financing Facilities or : Islamic financing facilities of up to RM70.0 million procured by

Financing Facilities AME REIT through the Trustee from Hong Leong Islamic Bank
Berhad (Registration No. 200501009144 (686191-W)), for
satisfaction of the Cash Consideration, funding listing expenses,
working capital and to finance future acquisition of properties
after Listing
Issuing House : Malaysian Issuing House Sdn. Bhd (Registration No.

199301003608 (258345-X)), a company incorporated under the
laws of Malaysia
IT : Information technology
Joint Bookrunners : Collectively, HLIB and RHB IB
Listing : Admission of AME REIT to the Official List and the listing of and
quotation for 520,000,000 new Units on the Main Market
Listing Date : The date of admission of AME REIT to the Official List and the
listing of and quotation for 520,000,000 new Units on the Main
Market
Listing Requirements : Main Market Listing Requirements of Bursa Securities, as

amended from time to time
LKL Industries : LKL Industries Sdn Bhd (Registration No. 200001026333

(528940-U)), a company incorporated under the laws of
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LPD : 15 June 2022, being the latest practicable date prior to the
issuance of this Prospectus
Main Market : Main Market of Bursa Securities
Malaysian Public : Malaysian citizens, companies, co-operatives, societies and

institutions incorporated or organised under the laws of
Malaysia
Management Fees : Fees payable to the Manager which comprises the base fee, the
performance fee, the acquisition fee and the divestment fee as
set out in Section 6.6 “Management Fees” of this Prospectus
Manager : I REIT Managers Sdn Bhd (Registration No. 202101014501

Malaysia, being the management company of AME REIT
Market Day : A day on which Bursa Securities is open for trading in securities
MCCG : Malaysian Code on Corporate Governance as at 28 April 2021
MITI : Ministry of International Trade and Industry of Malaysia
MFRS : Malaysian Financial Reporting Standards issued by the

Malaysian Accounting Standards Board
MNC(s) : Multinational corporation(s)
N/A : Not applicable
NAV : The value of all the REIT’s assets less the value of all the REIT’s
liabilities at the valuation points
NLA : Net lettable area
Non-Real Estate Assets : Refers to:

(i) units of other listed Islamic REITs;
(ii) listed Shariah-compliant shares;
(iii) listed Shariah-compliant securities of and issued by
property companies;
(iv) sukuk issued by, or fully guaranteed by, the Government;
(v) sukuk issued by property companies, and real estate-
related asset-backed securities; and
(vi) Islamic commercial papers or sukuk issued by companies
or institutions falling within the top three long-term credit
rating and highest short-term credit rating by any domestic
or global rating agency,
and such other assets as may be permitted by the REIT
Guidelines and the SC
NPI : Net property income
NPO : The notice of provisional offer in relation to ROFS
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Occupancy Rate : The occupancy rate as set out in Section 2.1.3 “Gross Rental
Income, Average Rental Rate, Occupancy Rate” of this
Prospectus
Occupied NLA : The total NLA of the Industrial Properties which, at any particular
point in time, are subject to tenancies which have commenced
in accordance with terms of the respective tenancy agreements
and/or letters of offer
Offer Acceptance Form : The offer acceptance form in relation to the ROFS
Offer Unit(s) : Unit(s) offered pursuant to the Offering
Offering : The initial public offering of the Offer Units comprising the Retail
Offering and the Institutional Offering
Official List : A list specifying all securities listed on the Main Market
Participating Financial Institutions : The participating financial institutions for Electronic Applications
as referred to in Appendix G “Procedure for the Application and
Acceptance” of this Prospectus
per pax : per person
Permissible Investments : The following investments in which AME REIT may invest,
subject to the provisions of the REIT Guidelines:
(i) Real Estate;
(ii) Non-Real Estate Assets
(iii) cash, Islamic deposits and Islamic money market
instruments; and
(iv) any other investment not specified in (i) to (iii) above but
specified as a permissible investment in the REIT
Guidelines or as otherwise permitted by the SC
Placement Agreement : The placement agreement to be entered into between, inter alia,
the Manager, the Sponsor, the Selling Subsidiaries, the Trustee
(on behalf of AME REIT) and the Joint Bookrunners in respect
of the placement of Offer Units under the Institutional Offering
Price Determination Date : The date on which the Institutional Price and the Final Retail
Price will be determined
Prime Minister : Prime Minister of Malaysia
Principal Register : The register of Unitholders kept pursuant to Section 308 of the
CMSA
Pro Forma Gross Rental Income : The pro forma gross rental income as set out in Section 2.1.3
“Gross Rental Income, Average Rental Rate, Occupancy Rate”
of this Prospectus
Profit Forecast : The profit forecast of AME REIT for the Forecast Year 2023
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Property Development Costs : Refers to:

(i) Costs that are directly attributable to property
development activities or that can be allocated on a
reasonable basis to such activities; and
(ii) where applicable, the acquisition cost of the Real Estate
that is being acquired for development purposes
Property Management Agreement : The property management agreement dated 23 June 2022
entered into between the Manager, the Trustee (on behalf of
AME REIT) and the Property Manager
Property Manager : Nusa Realtors (Registration No. VEPM(3)0032), a sole

proprietorship registered in Malaysia under the Registration of
Business Act 1956 and Valuers, Appraisers, Estate Agents and
Property Managers Act 1981
Property Operating Expenses : All expenses or outgoings required to manage or maintain the
Subject Properties as permitted by the Deed
Prospectus : This Prospectus dated 17 August 2022
Public Offering : Offering of 10,400,000 Offer Units to the Malaysian Public via
balloting
Public Spread Requirement : The requirement, in accordance with the Listing Requirements,
to have at least 25.0% of the total number of Units in issue to be
held by a minimum number of 1,000 public Unitholders holding
not less than 100 Units each upon completion of the Offering
and at the point of the Listing
Real Estate : Land and all things that are a natural part of the land as well as
things attached to the land both below and above the ground
and includes rights, interests and benefits related to the
ownership of the real estate, but excludes mineral, or oil and
gas assets and resources
Record of Depositors : A record provided by Bursa Depository under the Rules of Bursa
Depository
Registered Trademark Owner : AME Integrated Sdn Bhd (Registration No: 201201030486
(1014973-A)), a company incorporated under the laws of
Malaysia, the registered trademark proprietor of the trademarks
as set out in Section 1.9 “Intellectual Property” of this
Prospectus
Registrar : Boardroom Share Registrars Sdn Bhd (Registration No.

199601006647 (378993-D)), a company incorporated under the
laws of Malaysia
REIT : Real estate investment trust
Collectively, the establishment of AME REIT, the Acquisitions,

REIT Establishment and Listing :
the Offering and the Listing
REIT Guidelines : The Guidelines on Listed Real Estate Investments Trusts issued
by the SC, as amended from time to time
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xix
Relevant Laws and Requirements : The laws, regulations, guidelines, rules and official
requirements, guidance notes, practice notes (whether or not
having the force of law) applicable to REITs from time to time
including securities laws, the REIT Guidelines, the Asset
Valuation Guidelines, the Listing Requirements, the Rules of
Bursa Depository and taxation laws, rulings and guidelines
Reporting Accountants : KPMG PLT (Firm No. LLP0010081-LCA & AF 0758)
Restricted Pink Form Offering : Allocation of 7,800,000 Offer Units to Eligible Directors and
Employees
Retail Offering : Offering of up to 174,808,820 Offer Units, subject to Clawback

and Reallocation, pursuant to the ROFS, Restricted Pink Form
Offering and Public Offering
Retail Price : RM1.15 per Offer Unit, being the initial price payable by
investors pursuant to the Retail Offering
RFID : Radio frequency identification, a technology that uses radio

waves to passively identify a tagged object
RHB IB : RHB Investment Bank Berhad (Registration Number:

197401002639 (19663-P))
ROFR : Right of first refusal, which will be effective for a period of 5 years
from the date of Listing
ROFS : Restricted offer for sale of up to 156,608,820 ROFS Units to the

Entitled AME Shareholders on the basis of 1 ROFS Unit for
every 5 AME Shares held on the Entitlement Date
ROFS Unit(s) : Such unit(s) to be offered to the Entitled AME Shareholders

pursuant to the ROFS
Rules of Bursa Depository : Rules of Bursa Depository and all procedure manuals (as
defined in Rules of Bursa Depository), as amended from time to
time
Rules on Take-Overs, Mergers and Compulsory Acquisitions
Rules on Take-Overs :
issued by the SC pursuant to Section 377 of the CMSA, as
amended from time to time read together with the Malaysian
Code on Take-Overs and Mergers 2016 issued by the SC, as
amended from time to time
SAC : Senai Airport City, Kulai, Johor
SAC Subject Properties : Collectively, 14 Industrial Properties located in i-Park @ SAC

including FZW SAC, and 1 Industrial-Related Property located
adjacent to i-Park @ SAC
SACSC : Shariah Advisory Council of the SC
SC : Securities Commission Malaysia
Selling Subsidiaries : Collectively, AME Development, Ipark Development and LKL

Industries
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Service Provider Agreement : The service provider agreement dated 23 June 2022 entered
into between the Property Manager and AME Building
Management Sdn Bhd
Shariah : Islamic Law comprising the whole body of rulings pertaining to

human conducts derived from sources of the Shariah namely
the Qur’an (the holy book of Islam) and Sunnah (practices and
explanations rendered by the Prophet Muhammad (pbuh)) and
other sources of Shariah such as Ijtihad (exertion of individual
efforts to determine the true ruling of the divine law on matters
whose revelations are not explicit) of Shariah scholars
Shariah Adviser or BIMBSEC : BIMB Securities Sdn Bhd (Registration Number: 199401004484
Malaysia, the Shariah Adviser appointed for the time being to
advise AME REIT on all Shariah matters and to ensure full
compliance with the REIT Guidelines in relation to Shariah
Shariah Investment Guidelines : Shariah investment guidelines issued by the Shariah Adviser for
AME REIT
Shariah Requirements : The rulings, guidelines and resolutions made by the SACSC or
the advice given by the Shariah Adviser
Shariah Supervisory Boards : Independent supervisory or advisory bodies of specialized

jurists in Fiqh al-mua’malat (Islamic commercial jurisprudence)
SICDA : Securities Industry (Central Depositories) Act 1991, as

amended from time to time and any re-enactment thereof
SILC : Southern Industrial Logistics Clusters Industrial Park, Iskandar

Puteri, Johor
SILC Subject Properties : Collectively, 3 Industrial Properties located in i-Park @ SILC

and the District 6 @ SILC Subject Properties
Sole Underwriter : HLIB, the sole underwriter for 18,200,000 Offer Units under the
Restricted Pink Form Offering and Public Offering
SPA(s) : Sale and purchase agreement(s) relating to the Acquisitions

that were entered into between the Trustee (on behalf of AME
REIT) and the Vendors on 19 July 2022
Special Resolution : A resolution passed at a meeting of the Unitholders duly

convened and held in accordance with the provisions of the
Deed by a majority consisting of not less than ¾ of the persons
voting upon a show of hands and, if a poll is demanded, then by
a majority consisting of not less than ¾ of the votes given on
such poll, provided always that for the purpose of terminating or
winding up of AME REIT, a “Special Resolution” means a
resolution passed by a majority in number representing at least
¾ of the value of the Units held by Unitholders present at the
meeting
Sponsor or AME : AME Elite Consortium Berhad (Registration No. 201801030789

(1292815-W)), a company incorporated under the laws of
Malaysia
Special purpose vehicle used for the purpose of investment in
SPV :
Real Estate as referred to in the REIT Guidelines
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sq ft : Square feet
sq m : Square metres
State Authority : In relation to the States of West Malaysia, the Ruler-in-Council

or Governor-in-Council of a State and includes in Negeri
Sembilan, the Yang di-Pertuan Besar acting on behalf of himself
and the Ruling Chiefs (the Undang of Sungei Ujong, the Undang
of Jelebu, the Undang of Johol, the Undang of Rembau and the
Tunku Besar of Tampin), and in relation to the Federal
Territories of Kuala Lumpur, Putrajaya and Labuan, the minister
charged with the responsibility for local government
Subject Property(ies) : Individually and/or collectively, the Indahpura Subject

Properties, SAC Subject Properties and SILC Subject
Properties, which form the property portfolio of AME REIT at the
point of Listing
Sukuk : Certificates of equal value which evidence undivided ownership

or investment in the assets using Shariah principles and
concepts endorsed by the SACSC or any relevant Shariah
Supervisory Boards and/or the Shariah Adviser
Symphony Square : Symphony Square Sdn Bhd (Registration No. 201201039142

(1023620-W))
Tax Consultant : KPMG Tax Services Sdn Bhd (Registration No: 198301001627
(96860-M)), a company incorporated under the laws of Malaysia
Total Asset Value : The value of the assets of AME REIT in accordance with
generally accepted accounting practices in Malaysia, as
determined in accordance with the Deed
Total Revenue : Gross Rental Income and other income
Trademark Licensing Agreement : The trademark licensing agreement dated 23 June 2022
entered into between Registered Trademark Owner, Manager
and Trustee (on behalf of AME REIT)
Trustee : RHB Trustees Berhad (Registration No. 200201005356

(573019-U)), a company incorporated under the laws of
Malaysia, being the trustee of AME REIT
Twin Sunrich : Twin Sunrich Sdn Bhd (Registration No. 201201038479

(1022957-D)), a company incorporated under the laws of
Underwriting Agreement : The underwriting agreement dated 27 July 2022 and the
supplementary agreement dated 12 August 2022 entered into
between the Manager, AME, the Selling Subsidiaries, the
Trustee (on behalf of AME REIT) and the Sole Underwriter for
the underwriting of 18,200,000 Offer Units under Restricted Pink
Form Offering and Public Offering
Unit(s) : Undivided interest in AME REIT as provided for in the Deed
Unitholders : Holders of the Units
US : The United States of America
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Valuation Certificate(s) : Collectively, the valuation certificate dated 16 August 2021 and
update valuation certificate dated 8 July 2022 in respect of the
Subject Properties
Vendor(s) : In relation to the Acquisitions, the vendor(s) of the Subject

Properties, namely:
(i) Active Gold;
(ii) AME Development;
(iii) Ipark Development;
(iv) LKL Industries; and
(v) Twin Sunrich
WALE : Weighted average lease expiry
Warrants 2021/2026 : Outstanding warrants in AME issued in 2021 and are due to
expire in 2026
Currencies
RM and sen : Ringgit Malaysia and sen, respectively
USD : United States Dollar, the lawful currency of US
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PRESENTATION OF FINANCIAL, MARKET, INDUSTRY AND OTHER INFORMATION
References to “Manager” are to I REIT Managers Sdn Bhd, unless the context otherwise requires. Unless
the context otherwise requires, references to “Management” are to the directors and senior management
team of the Manager as at the date of this Prospectus, and the statements in this Prospectus as to beliefs,
expectations, estimates and opinions of AME REIT are those of the Management. All references to “AME
REIT” in this Prospectus include references to RHB Trustees Berhad, in its capacity as trustee for AME REIT,
unless the context otherwise requires.
In this Prospectus, references to “Ringgit”, “Ringgit Malaysia”, “Malaysian Ringgit”, “RM” and “sen” are to the
lawful currency of Malaysia.
Words importing the singular shall, where applicable, include the plural and vice versa. Words importing the
masculine gender shall, where applicable, include the feminine and neuter genders. References to persons
shall include corporations and reference to a section is a reference to the relevant section of this Prospectus.
Any reference to provisions of the statutes, rules, regulations, enactments or rules of stock exchange will
(where the context admits), be construed as reference to provisions of such statutes, rules, regulations,
enactments or rules of stock exchange (as the case may be) as modified by any written law or (if applicable)
amendments or re-enactment to the statutes, rules, regulations, enactments or rules of stock exchange for
the time being in force.
Any reference to a date and time will be a reference to Malaysian date and time, unless otherwise stated.
Any discrepancies in the tables, graphs and charts between the listed amounts and totals thereof are due to
rounding. Figures and percentages are rounded to one or two decimal places, where appropriate.
Percentage changes in this Prospectus have been calculated on the basis of relevant figures before
rounding.
Certain acronyms, technical terms and other abbreviations used herein are defined in the “Definitions”
section of this Prospectus.
This Prospectus includes statistical data provided by the Manager and various third parties and cites third-
party projections regarding growth and performance of the market and industry in which AME REIT operates.
This data is taken or derived from information published by industry sources and from the Manager’s internal
data. In each such case, the source is acknowledged in this Prospectus, provided that where there is no
source stated, it can be assumed that the information originates from the Manager. In particular, certain
information in this Prospectus is extracted or derived from the Independent Market Research Report
prepared by the Independent Market Researcher.
The Manager believes that the statistical data and projections cited in this Prospectus are useful in helping
prospective investors understand the major trends in the markets in which AME REIT operates. However,
none of AME REIT, the Manager, the Sponsor, the Selling Subsidiaries, the Trustee, the Principal Adviser,
the Joint Bookrunners and the Sole Underwriter has independently verified these figures. Moreover, the
rapidly evolving nature of the property industry makes it difficult to obtain precise and accurate statistics.
None of the AME REIT, the Manager, the Sponsor, the Selling Subsidiaries, the Trustee, the Principal
Adviser, the Joint Bookrunners and the Sole Underwriter make any representation as to the correctness,
accuracy or completeness of such data and accordingly prospective investors should not place undue
reliance on the statistical data cited in this Prospectus. Similarly, third-party projections cited in this
Prospectus are subject to significant uncertainties that could cause actual data to differ materially from the
forecast figures. No assurances are or can be given that the estimated figures will be achieved, and
prospective investors should not place undue reliance on the third-party projections cited in this Prospectus.
This Prospectus includes market and industry data and forecasts that have been obtained from internal
surveys, reports and studies, where appropriate, as well as market research, publicly available information
and industry publications. Industry publications, surveys and forecast generally state that the information
they contain has been obtained from sources believed to be reliable, but there can be no assurance as to
the accuracy or completeness of such information. While the Manager has taken reasonable steps to ensure
that the information is extracted accurately and in its proper context, the Manager has not independently
verified any of the data from third-party sources or ascertained the underlying economic assumption relied
upon therein.
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PRESENTATION OF FINANCIAL, MARKET, INDUSTRY AND OTHER INFORMATION (Cont’d)
All the information set out in this Prospectus is presented as at the LPD, unless otherwise indicated.
The information on AME REIT’s, the Manager’s, and the Sponsor’s websites or any website, directly or
indirectly, linked to such websites is not incorporated by reference into this Prospectus and should not be
relied on.
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FORWARD-LOOKING STATEMENT
This Prospectus contains forward-looking statements. All statements other than statements of historical
facts included in this Prospectus involve known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements of AME REIT, the Manager, or industry results,
to be materially different from any future results, performance or achievements expressed or implied by
such forward-looking statements. Such forward-looking statements are based on numerous assumptions
regarding the Manager’s present and future business strategies and the environment in which AME REIT
or the Manager will operate in the future. As such forward-looking statements reflect the Manager’s current
views with respect to future events, these statements necessarily involve risks, uncertainties and
assumptions. Actual future performance could differ from these forward-looking statements. Investors
should not place any undue reliance on these forward-looking statements.
Forward-looking statements can be identified by the use of forward-looking terminology such as the words
“may”, “will”, “would”, “could”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “aim”, “plan”, “forecast”,
“project” or similar expressions and include all statements that are not historical facts.
Forward-looking statements include, without limitation, statements relating to:
(i) estimated financial information regarding the future development and economic performance of
AME REIT’s business;
(ii) future earnings, cash flow, level of indebtedness and liquidity;
(iii) potential growth opportunities;
(iv) financing plans;
(v) the Manager’s business strategy;
(vi) the competitive position and the effects of competition on AME REIT’s investment portfolio;
(vii) development of additional revenue sources;
(viii) the amount and nature of future capital expenditures required by AME REIT; and
(ix) the general industry environment.
Among the important factors that could cause the actual results, performance or achievements of AME
REIT or the Manager to differ materially from those in the forward-looking statements are the conditions of,
and changes in, the domestic, regional and global economies, including, but not limited to, factors such as
political, economic and social conditions in Malaysia and overseas, changes in Government laws and
regulations affecting AME REIT, competition in the Malaysian and overseas property market in which AME
REIT may invest, currency exchange rates, interest rates, inflation, relations with tenants, relations with
service providers, relations with lenders, hostilities (including any potential terrorist attacks), the
performance and reputation of AME REIT’s properties and/or acquisitions, difficulties in identifying future
acquisitions, difficulty in completing acquisitions, changes in the Manager’s directors and executive officers,
risks related to natural disasters, general volatility of the capital markets, general risks relating to the
property market in which AME REIT may invest and the market price of the Units as well as other matters
not yet known to the Manager or not currently considered material by the Manager.
Additional factors that could cause actual results, performance or achievements to differ materially include,
but are not limited to those set out in Section 5 “Risk Factors”, Section 4.5 “Profit Forecast”, Section 4.4
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Section 2
“Subject Properties” of this Prospectus. Neither AME REIT nor the Manager can give any assurance that
the forward-looking statements made in this Prospectus will be realised. Such forward-looking statements
are made only as at the date of this Prospectus. Should the Manager become aware of any subsequent
material change or development affecting a matter disclosed in this Prospectus arising from the date of
registration of prospectus up to the date of the issuance of Units, the Manager shall further issue a
supplemental or replacement prospectus, as the case may be, in accordance with the provisions of Section
238 of the CMSA.
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CORPORATE DIRECTORY
MANAGER : I REIT Managers Sdn Bhd

(Registration No. 202101014501 (1414801-X))
Registered Office : Suite 9D, Level 9, Menara Ansar

65, Jalan Trus
80000 Johor Bahru
Johor Darul Takzim
Malaysia
Telephone No.: (07) 224 1035
Business Office : No. 2, Jalan I-Park SAC 1/1

Taman Perindustrian I-Park SAC
81400 Senai
Johor Darul Takzim
Malaysia
Telephone No.: (07) 5959 999

Email: corporate@ireit.com.my
Website: www.amereit.com.my
DIRECTORS OF THE MANAGER
Name Designation
Lee Sai Boon Chairman / Executive Director
Chan Wai Leo Chief Executive Officer / Executive Director
Lee Chai Executive Director
Wee Beng Chuan Independent Non-Executive Director
Yau Yin Wee Independent Non-Executive Director
Datin Cheryl Kaur Pola Independent Non-Executive Director
Lim Yook Kim Alternate Director to Lee Chai
Kang Ah Chee Alternate Director to Lee Sai Boon
Lim Pei Shi Alternate Director to Chan Wai Leo
AUDIT AND RISK MANAGEMENT COMMITTEE
Name Designation Directorship
Wee Beng Chuan Chairman Independent Non-Executive Director
Datin Cheryl Kaur Pola Member Independent Non-Executive Director
Yau Yin Wee Member Independent Non-Executive Director
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CORPORATE DIRECTORY (Cont’d)
NOMINATION AND REMUNERATION COMMITTEE
Name Designation Directorship
Yau Yin Wee Chairman Independent Non-Executive Director
Datin Cheryl Kaur Pola Member Independent Non-Executive Director
Wee Beng Chuan Member Independent Non-Executive Director
COMPANY SECRETARIES : Santhi A/P Saminathan

Professional Qualification: The Malaysian Institute of
Chartered Secretaries and Administrators (“MAICSA”)
Membership No.: MAICSA 7069709
SSM Practising Certificate No.: 201908002933
Raidah Binti Abd Rahman

Professional Qualification: Licensed Secretary
Licensed Secretary No.: LS0010350
SSM Practising Certificate No.: 201908002931
Suite 9D, Level 9, Menara Ansar

65 Jalan Trus
80000 Johor Bahru
Johor Darul Takzim
Malaysia
Telephone No.: (07) 224 1035
TRUSTEE : RHB Trustees Berhad

(Registration No.: 200201005356 (573019-U))
Registered Office:
Level 10, Tower One
RHB Centre
Jalan Tun Razak
50400 Kuala Lumpur
Malaysia
Telephone No.: (03) 9287 8888
Business Office:
Level 11, Tower Three
RHB Centre
Jalan Tun Razak
50400 Kuala Lumpur
Malaysia
Telephone No.: (03) 9280 5933
Email: rhbtrustees@rhbgroup.com
Website: https://www.rhbgroup.com
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SHARIAH ADVISER : BIMB Securities Sdn Bhd

(Registration No.: 199401004484 (290163-X))
Registered Office:
32nd Floor, Menara Bank Islam
No. 22, Jalan Perak
50450 Kuala Lumpur
Malaysia
Business Office:
Level 32, Menara Multi-Purpose
No. 8, Capital Square
Jalan Munshi Abdullah
50100 Kuala Lumpur
Malaysia
Telephone No.: (03) 2613 1600
Email: shariah@bimbsec.com.my
Website: http://www.bimbsec.com.my
Shariah Advisory Committee:

1. Ir. Dr. Muhamad Fuad Abdullah
2. Professor Dr. Asmadi Mohamed Naim
3. Dr. Shamsiah Mohamad
PROPERTY MANAGER : Nusa Realtors

(Registration No.: VEPM (3)0032)
No. 2, Jalan I-Park SAC 1/1

Taman Perindustrian I-Park SAC
81400 Senai
Johor Darul Takzim
Malaysia
Telephone No.: (07) 5959 999
PRINCIPAL ADVISER AND SOLE : Hong Leong Investment Bank Berhad

UNDERWRITER (Registration No.: 197001000928 (10209-W))
Level 28, Menara Hong Leong

No. 6, Jalan Damanlela
Bukit Damansara
50490 Kuala Lumpur
Malaysia
Telephone No.: (03) 2083 1800
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JOINT BOOKRUNNERS : Hong Leong Investment Bank Berhad

(Registration No.: 197001000928 (10209-W))
Level 28, Menara Hong Leong

No. 6, Jalan Damanlela
Bukit Damansara
50490 Kuala Lumpur
Malaysia
Telephone No.: (03) 2083 1800
RHB Investment Bank Berhad
(Registration No: 197401002639 (19663-P))
Level 10, Tower One

RHB Centre
Jalan Tun Razak
50400 Kuala Lumpur
Malaysia
Telephone No.: (03) 9287 3888
REPORTING ACCOUNTANTS : KPMG PLT

(Firm no.: LLP0010081-LCA & AF0758)
Level 3, CIMB Leadership Academy
No. 3, Jalan Medini Utara 1
Medini Iskandar
79200 Iskandar Puteri
Johor Darul Takzim
Malaysia
Telephone No.: (07) 266 2213
Partner-in-charge: Tan Teck Eng
Approval number: 02986/05/2024 J
Professional qualification: Member of the Malaysian
Institute of Accountants (“MIA”)
(MIA Membership No.: 23391)
TAX CONSULTANT : KPMG Tax Services Sdn Bhd

(Registration No.: 198301001627 (96860-M))
Level 3, CIMB Leadership Academy
No. 3, Jalan Medini Utara 1
Medini Iskandar
79200 Iskandar Puteri
Johor Darul Takzim
Malaysia
Telephone No.: (07) 266 2213
Partner-in-charge: Tai Lai Kok
Tax agent license number: 02/2800/10/2022
Professional qualifications: Chartered Accountant & Tax
Committee Member of the Malaysian Institute of
Accountants, Tax Committee Member of the Malaysian
Institute of Certified Public Accountants, Tax Committee
Member of the American Malaysian Chamber of
Commerce, Member of the Chartered Tax Institute of
Malaysia and Member of the CPA Australia
xxx
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INDEPENDENT PROPERTY VALUER : CBRE WTW Valuation & Advisory Sdn Bhd
(formerly known as C H Williams Talhar & Wong Sdn Bhd)
(Registration No.: 197401001098 (18149-U))
Suite 15B, Level 15, Menara Ansar

65, Jalan Trus
80000 Johor Bahru
Johor Darul Takzim
Malaysia
Telephone No.: (07) 224 3388
Valuer-in-charge: Lo Kin Weng

Professional qualifications: Registered Valuer, Board of
Valuers, Appraisers, Estate Agents and Property
Managers, Member of the Royal Institution of Chartered
Surveyors (MRICS), Member of the Royal Institution of
Surveyors Malaysia (MRISM), Member of the Association
of Valuers, Property Managers, Estate Agents and
Property Consultants in the Private Sector Malaysia
(MPEPS)
(Registration No.: V-917)
LEGAL ADVISER : Rosli Dahlan Saravana Partnership
Level 16, Menara 1 Dutamas

Solaris Dutamas
No. 1, Jalan Dutamas 1
50480 Kuala Lumpur
Malaysia
Telephone No.: (03) 6209 5400
INDEPENDENT MARKET : Smith Zander International Sdn Bhd

RESEARCHER (Registration No.: 201301028298 (1058128-V))
15-01, Level 15
Menara MBMR
1, Jalan Syed Putra
58000 Kuala Lumpur
Malaysia
Telephone No.: (03) 2732 7537
Name of signing partner: Dennis Tan Tze Wen

Professional qualification: Bachelor of Science, Memorial
University of Newfoundland, Canada
ISSUING HOUSE : Malaysian Issuing House Sdn. Bhd.

(Registration No.: 199301003608 (258345-X))
11th Floor, Menara Symphony

No. 5, Jalan Prof. Khoo Kay Kim
Seksyen 13, 46200 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Telephone No.: (03) 7890 4700
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REGISTRAR : Boardroom Share Registrars Sdn Bhd

REGISTRAR : Boardroom
(RegistrationShare Registrars Sdn
No.: 199601006647 Bhd
(378993-D))
(Registration No.: 199601006647 (378993-D))
11th Floor, Menara Symphony
11th5,Floor,
No. JalanMenara Symphony
Prof. Khoo Kay Kim
No. 5, Jalan
Seksyen 13, Prof.
46200 Khoo Kay Kim
Petaling Jaya
Seksyen 13,
Selangor 46200
Darul Petaling Jaya
Ehsan
Selangor Darul Ehsan
Malaysia
Malaysia
Telephone No.: (03) 7890 4700
Telephone No.: (03) 7890 4700
INTERNAL AUDITOR : Sterling Business Alignment Consulting Sdn Bhd
INTERNAL AUDITOR : Sterling Business
(Registration Alignment Consulting
No.: 200401015607 Sdn Bhd
(654110-P))
(Registration No.: 200401015607 (654110-P))
Unit 3A02, Level 3A, Lobby 1
Unit
Block3A02, Level 3A, Lobby
C, Damansara Intan 1
Block
No. 1, C, Damansara
Jalan SS20/27Intan
No.
474001, Jalan SS20/27
Petaling Jaya
47400
SelangorPetaling
Darul Jaya
Ehsan
Selangor
Malaysia Darul Ehsan
Malaysia
Telephone No.: (03) 7612 8609
Telephone No.: (03) 7612 8609
LISTING SOUGHT : Main Market of Bursa Securities
LISTING SOUGHT : Main Market of Bursa Securities

xxxiii
xxxiii
xxxii
INFORMATION SUMMARY
INFORMATION SUMMARY
This section only highlights the key information from other parts of this Prospectus. It does not
This section
contain all the only highlightsthat
information the keymayinformation
be important fromto other parts of this
the investors. Prospectus.
Investors shouldIt readdoesand not
contain all the
understand the information
contents of the thatwholemay Prospectus
be importantprior to the investors.
to deciding Investors
whether should
to invest read
in the and
Units.
understand
If necessary,the contents
investors of the consult
should whole Prospectus prior to bank
their stockbroker, deciding whether
manager, to invest
solicitor, in the Units.
accountant or
If necessary,
other investors
professional should
advisers asconsult
to the theirlegal,stockbroker, bank manager,
business, financial, tax andsolicitor,
related accountant
aspects of an or
other professional
investment advisers as to the legal, business, financial, tax and related aspects of an
in the Units.
investment in the Units.
There are fees involved and investors are advised to consider them before investing in AME
There Investors
REIT. are fees involved
should beand aware investors
that theare advised
rental yields toofconsider
the Subject them before investing
Properties as well as in other
AME
REIT. Investors should be aware that the rental yields of the
real estate that AME REIT may invest in the future are not equivalent to the yields of the UnitsSubject Properties as well as other
real estate
and that AME
the current rental REIT may invest
receipts and yieldsin theof future are not equivalent
the Subject Properties to may thenot
yields of the Units
be sustainable.
and the current
Investors shouldrental
also notereceipts
that the andvalue
yields of the
of the Subject
Subject Properties
Properties may not
(including be investments
other sustainable.
Investors
AME REITshould
may have alsoinnote that theUnit
the future), value of theand
prices Subject Properties
distributions (including
payable, if any,other
mayinvestments
go down as
AME as
well REITup.may Forhave in the future),
information Unit prices
concerning andrisk
certain distributions
factors which payable, if any,
should bemay go down by
considered as
well as up. For information concerning certain risk
prospective investors, please refer to Section 5 “Risk Factors” of this Prospectus. factors which should be considered by
prospective investors, please refer to Section 5 “Risk Factors” of this Prospectus.
Statements contained in this section that are not historical facts may be forward-looking statements or
Statements
are historicalcontained
statements in this section thatonare
reconstituted not historical
a pro forma basis. factsSuch
may statements
be forward-looking
are based statements
on certain or
are historical and
assumptions statements
are subject reconstituted
to certain risks on aand pro uncertainties
forma basis. which Such could
statements
cause are based
actual resultson ofcertain
AME
assumptions
REIT to differ andmaterially
are subject to certain
from those risks and uncertainties
forecasts. Please refer whichto could cause actual
the section results of AME
on “Forward-looking
REIT to differ
Statements” materially
for further fromUnder
details. thosenoforecasts.
circumstances Please referthetoinclusion
should the sectionof suchon information
“Forward-looking herein
Statements”
be regarded for as afurther details. Under
representation, no circumstances
warranty or prediction should the inclusion
with respect of such information
to the accuracy of the underlyingherein
be regarded as a representation, warranty or prediction with respect
assumptions by AME REIT, the Manager, the Sponsor, the Selling Subsidiaries, the Trustee, the to the accuracy of the underlying
assumptions
Principal by AME
Adviser, Joint REIT, the Manager,
Bookrunners and the the SoleSponsor,
Underwriter theorSelling
any other Subsidiaries, the these
person or that Trustee, the
results
Principal Adviser, Joint Bookrunners and the Sole Underwriter
will be achieved or are likely to be achieved. Investing in the Units involves risks. or any other person or that these results
will be achieved or are likely to be achieved. Investing in the Units involves risks.
(A) OVERVIEW OF AME REIT
(A) OVERVIEW OF AME REIT
Investment Policy
Investment Policy
AME REIT is an Islamic REIT established with the principal investment policy of investing,
AME REIT
directly and is an Islamic
indirectly, in aREIT established with
Shariah-compliant the principal
portfolio of income investment
producingpolicy
Real of investing,
Estate used
directly and indirectly, in a Shariah-compliant portfolio of income
primarily for industrial and industrial-related purposes in Malaysia and overseas. The current producing Real Estate used
primarily for industrial and industrial-related purposes in
focus of AME REIT is on Real Estate in Malaysia and overseas investment has not been Malaysia and overseas. The current
focus of AMEAME
determined. REIT REITis onmay RealalsoEstate in in
invest Malaysia and overseas
other investments as investment
permissiblehas not REIT
in the been
determined.orAME
Guidelines REIT may
as otherwise also invest
permitted by theinSC.other
Anyinvestments
material change as permissible
to the investmentin the policy
REIT
Guidelines
of AME REIT or must
as otherwise
be approved permitted
by the byUnitholders
the SC. Any bymaterial
way of achange to the
resolution investment
of not less thanpolicytwo-
of AME
thirds of REIT mustgiven
the votes be approved
on poll atby the Unitholders
a Unitholders’ by way
meeting dulyofconvened
a resolution andofheld
not inless than two-
accordance
thirdsthe
with of the
Deed.votes given on poll at a Unitholders’ meeting duly convened and held in accordance
with the Deed.
Investment Objective
The Manager’s key objective is to provide Unitholders with a stable and growing distribution of
The Manager’s
income key objective
and to achieve long-termis togrowth
provideinUnitholders
the NAV per with a stable and growing distribution of
Unit.
income and to achieve long-term growth in the NAV per Unit.
Key Investment Strategies
Key Investment Strategies
The Manager intends to achieve the investment objectives through the implementation of the
The Manager
following intendsincluding:
strategies, to achieve the investment objectives through the implementation of the
following strategies, including:
(i) Acquisition growth strategy – The Manager will leverage on AME Group’s future
(i) Acquisition
property growth strategy
development projects as – well
The as Manager
third partywillproperties
leverage to onsource
AME for Group’s future
and acquire
property development
properties within Malaysia projects
(1) thatasfit
well as third
within AMEpartyREIT’sproperties to source
investment strategyfor and acquire
to generate
properties
stable cashwithin flows Malaysia
and potential
(1) that fit within AME REIT’s investment strategy to generate
for long-term income and capital growth;
stable cash flows and potential for long-term income and capital growth;
(ii) Proactive asset management strategy – The Manager will seek to optimise and
(ii) Proactivehigh
maintain asset management
occupancy strategy
rates, achieve – The
stable Manager
rental growthwillandseek to optimise
maximise investment and
maintain
returns; and high occupancy rates, achieve stable rental growth and maximise investment
returns; and
1
1
1
INFORMATION SUMMARY (Cont’d)
(iii) Capital and risk management strategy – The Manager intends to optimise AME REIT’s
(iii) Capital structure
capital and risk management strategy
and cost of capital – Thethe
within Manager intends
financing to optimise
limits set out inAMEtheREIT’s
REIT
capital structure
Guidelines and cost
and intends of acapital
to use within of
combination the financing
Islamic limitsand
financing setequity
out infinancing
the REIT
to
Guidelines
fund future and intends to
acquisitions anduse a combination
capital of Islamic financing and equity financing to
expenditure.
fund future acquisitions and capital expenditure.
Note:
Note:
(1) The CEO is also mandated to source properties situated outside of Johor, with specific
(1) The CEO
focus is also
on the mandated
central to source
and northern properties
regions situatedMalaysia
of Peninsular outside ofasJohor, with
set out in specific
Section
focus on the central and northern regions of Peninsular Malaysia as set out in Section
2.2.6.1.
2.2.6.1.
For further details of AME REIT, please refer to Section 1 “Detailed Information on AME REIT”
Forthis
of further details of AME REIT, please refer to Section 1 “Detailed Information on AME REIT”
Prospectus.
of this Prospectus.

2
2
2
INFORMATION
INFORMATION
INFORMATION SUMMARY
SUMMARY
SUMMARY (Cont’d)
(Cont’d)
(Cont’d)
INFORMATION
INFORMATION SUMMARY
SUMMARY (Cont’d)
(Cont’d)
(B)
(B)
(B) SUMMARY
SUMMARY
SUMMARY OF
OF
OF AME
AME
AME REIT
REIT
REIT
(B)
(B) SUMMARY
SUMMARY OF AME REIT
(B)
(B) SUMMARY OF AME REIT
SUMMARY OF
OF AME
AME REIT
REIT
(B) SUMMARY OF AME REIT
Name
Name of
of REIT
REIT ::: AME REIT
Name
Name
Name of
of REIT
REIT : AME AME
AME REIT
REIT
REIT
Name of
Name of REIT
of REIT
REIT ::: AME AME REIT
AME REIT
REIT
Name
REIT
REIT of
type
type REIT :
: AME
Income
Income REITstability
stability and
and growth
growth
REIT
REIT type
type : Income stability and growth
REIT
REIT type
REIT type
type :::: Income Income stability
Income
Income stability and
stability
stability and growth
and
and growth
growth
growth
REIT
Deed
Deed type :
:
::: Deed Income
Deed stability
dated
dated 23
23 and
May
May growth
2022
2022 and
and registered
registered with
with the
the SC
SC on
on 23
23 May
May
Deed
Deed
Deed : Deed
Deed
Deed dated
dated
dated 23
23
23 May
May
May 2022
2022
2022 and
and
and registered
registered
registered with
with
with the
the
the SC
SC
SC on
on
on 23 May
23
23 May
May
Deed
Deed :
: 2022 Deed
Deed dated 23 May 2022 and registered with the SC on 23 May
2022
2022 dated 23 May 2022 and registered with the SC on 23 May
Deed : 2022 2022
2022
Deed
2022 dated 23 May 2022 and registered with the SC on 23 May
The
The Manager
Manager : I2022 REIT Managers Sdn Bhd
The
The
The Manager
Manager ::::: IIIII REIT REIT Managers
REIT Managers Sdn
Managers Sdn Bhd
Sdn Bhd
Bhd
The Manager
The Manager
Manager : I REIT REIT Managers
REIT Managers Sdn
Managers Sdn Bhd
Sdn Bhd
Bhd
The
The Manager
Trustee : I REIT Managers Sdn Bhd
The
The
The
The
Trustee
Trustee
Trustee ::::: RHB RHB Trustees
RHB
RHB Trustees Berhad
Trustees
Trustees Berhad
Berhad
Berhad
The Trustee
The Trustee
Trustee :: RHB RHB Trustees
RHB Trustees Berhad
Trustees Berhad
Berhad
The
The
The Trustee
Shariah
Shariah Adviser
Adviser ::::: RHB BIMBTrustees
BIMB Securities
Securities Berhad
Sdn
Sdn Bhd Bhd
The
The
The Shariah
Shariah
Shariah Adviser
Adviser
Adviser : BIMB
BIMB
BIMB Securities
Securities
Securities Sdn
Sdn Bhd
Bhd
The
The Shariah
Shariah Adviser
Adviser :: BIMB Securities Sdn
BIMB Securities Sdn Bhd
Sdn Bhd
Bhd
The
Total
TotalShariah
issue
issue Adviser
size
size on
on ::: BIMB Securities
520,000,000 Units Sdn Bhd
Total
Total
Total issue
issue
issue size
size
size on
on
on ::: 520,000,000
520,000,000
520,000,000
520,000,000
Units
Units
Units
Units
Total issue
the Listing
Total
the Listing size
Date
issue Date on
size on : 520,000,000
: 520,000,000 Units Units
the
the Listing
Listing Date
the
Total
the issue Date
the Listing
Listing
Listing Date
size on
Date
Date : 520,000,000 Units
the Listing
Permissible
Permissible Date :::: (i) (i) Real
Real Estate;
Estate;
Permissible
Permissible (i) Real Estate;
Permissible
Permissible
Investments
Permissible
Investments ::: (i)(i)
(i)
(i)
Real
Real
Real
Real
Estate;
Estate;
Estate;
Estate;
Investments
Investments
Investments
Permissible
Investments
Investments (ii) Non-Real
(i)
: (ii)
(ii) Non-Real
Real Estate;
Non-Real Estate
Estate
Estate Assets;
Assets;
Assets;
(ii)
(ii) Non-Real Estate Assets;
Investments (ii) Non-Real
(ii) Non-Real Estate
Non-Real Estate Assets;
Estate Assets;
Assets;
(iii)
(ii)
(iii)
(iii) cash,
Non-Real
cash,
cash, Islamic
Estate
Islamic
Islamic deposits,
Assets; and
deposits,
deposits, and
and Islamic
Islamic
Islamic money
money
money market
market
market
(iii)
(iii) cash, Islamic deposits, and Islamic money market
(iii) cash,
(iii) cash, Islamic
Islamic
instruments;
cash, Islamic
instruments;
instruments; and
and
and
deposits,
deposits,
deposits, and
and
and Islamic
Islamic
Islamic money
money
money market
market
market
instruments;
(iii) instruments;
cash, Islamic
instruments; and
and
and deposits, and Islamic money market
instruments; and
(iv)
(iv)
(iv) any
any other
instruments;
any other
other investment
and
investment
investment not
not
not specified
specified
specified in
in
in (i)
(i)
(i) to
to
to (iii)
(iii)
(iii) above
above
above but
but
but
(iv)
(iv) any other investment not specified in (i) to (iii) above but
(iv) any
(iv) any
any other
other
specified
other
specified
specified
investment
investment
as a
investment
as
as a
a
not
not
not specified
specified
permissible
specified
permissible
permissible
in
in
investment
in
investment
investment
(i)
(i)
(i) to
to
to (iii)
(iii)
in
(iii)
in
in
above
above
the
above
the
the
but
but
REIT
but
REIT
REIT
specified
(iv) specified
any other
specified as
as a
a
investment
as a permissible
permissible
not investment
investment
specified
permissible in
investment(i) to in
in
(iii)
in the
the
above
the REIT
REIT
but
REIT
Guidelines
specified
Guidelines
Guidelines or
as
or
or as
as
asa otherwise
permissible
otherwise
otherwise permitted
permitted
permitted by
investment
by
by the
the
the SC.
in
SC.
SC. the REIT
Guidelines
Guidelines
specified
Guidelines or
or
as
or as
as
asa otherwise
otherwise
permissible
otherwise permitted
permitted by
by
investment
permitted by the
the
the SC.
SC.
in
SC. the REIT
Guidelines or as otherwise permitted by the SC.
Permissible
Permissible : : AME
AME Guidelines
REIT’s or as otherwise
REIT’s investments
investments are permitted
are subject
subject the by
to the
to the SC.investment
following
following investment
Permissible
Permissible
Permissible :::: AME
AME
AME REIT’s
REIT’s
investments
investments are
are
are subject
subject
subject to
to
to the
the
the following
following
investment
investment
Permissible
Investments
Permissible
Investments limits
limits : AME
limits
AME
limits REIT’s
as
REIT’s
as investments
prescribed
investments
prescribed in
in the
the are
REIT
are
REITsubject
subject to
Guidelines:
to
Guidelines: the
the following
investment
Investments
Investments limits
limits limits as prescribed in in the REIT
REIT Guidelines:
Investments
Investments limits
Permissible
Investments limits
limits : limits
limits
AME
limits as
as
as prescribed
as prescribed
limits REIT’s investments
prescribed
prescribed in
in the
in the REIT
theare
the REIT
REIT
Guidelines:
Guidelines:
subject to the following investment
Guidelines:
Guidelines:
Investments limits (i)
limits
(i)
(i) at
as
at
at least
least
least 75.0%
prescribed
75.0%
75.0% of
in
of
of AME
the
AME
AME REIT’s
REIT
REIT’s
REIT’s Total
Guidelines:
Total
Total Asset Value
Asset
Asset Value must
Value must be
must be
be
(i)
(i)
(i) at
at
at least
least
least 75.0%
75.0%
75.0% of
of
of AME
AME
AME REIT’s
REIT’s
REIT’s Total
Total
Total Asset
Asset
Asset Value
Value
Value must
must
must be
be
be
(i) invested
at least
invested
invested in
75.0%
in
in Real
Real
Real of Estate
AME
Estate
Estate that
REIT’s
that
that generates
Total Asset
generates
generates recurrent
Value
recurrent
recurrent rental
must be
rental
rental
invested
invested
invested in
in
in Real
Real Estate
Estate that
that generates
Total Assetrecurrent
generates recurrent rental
rental
(i) at least at
income
invested
income
income 75.0%
at
at allReal
inall
all times;
Real
times;
times;
Estate
of AME
Estate that
that generates
REIT’s generates recurrent
Value must
recurrent rental
be
rental
income
income
invested
income at
at
at inall
all
all times;
times;
Real
times; Estate that generates recurrent rental
income at all times;
(ii) the
(ii)
(ii) the aggregate
income
the at all times;
aggregate
aggregate investments
investments
investments in
in
in property
property
development
development
(ii)
(ii) the
the aggregate investments in property development
(ii) the aggregate
the aggregate
(ii) activities (Property
aggregate
activities
activities (Property
(Property
investments
investments
Development
investments
Development
Development
in
in property
property
in Costs)
property
Costs)
Costs) and
and
and
development
development
Real
Real
Real Estate
development
Estate
Estate
activities
activities
activities
(ii) under
the (Property
(Property
(Property
aggregate Development
Development
Development
investments in Costs)
Costs)
Costs)
property and
and
and Real
Real
Real Estate
Estate
Estate
development
under construction
activities
under construction
construction must
(Property Development
must
must not
not
not exceed
exceed
exceedCosts)15.0%
and of
15.0%
15.0% of
Real
of the
the
the Total
Estate
Total
Total
under
under construction
construction must
must not
not exceed
exceed 15.0% of the Total
activities
under
Asset
Asset
Asset Value
under Value
Value(Property
construction
of
construction
of
of AME
AME
AME
Development
must
REIT;
must
REIT;
REIT;
not
and
not
and
and exceed 15.0% of the Total
exceedCosts)15.0%
and
15.0% of
Real
of the
the Estate
Total
Total
Asset
Asset Value
Value
under Value of
of
construction AME
AME REIT;
REIT; and
and
Asset
Asset Value of AMEmust
of AME REIT;not
REIT; andexceed 15.0% of the Total
and
(iii) investments
(iii)
(iii) Asset Value of
investments
investments in
in
in Non-Real
AME
Non-Real
Non-Real Estate
REIT;Estate
Estate Assets are
and Assets
Assets are subject
are subject to
subject to the
to the
the
(iii)
(iii)
(iii) investments
investments
investments in
in
in Non-Real
Non-Real
Non-Real Estate
Estate
Estate Assets
Assets
Assets are
are
are subject
subject
subject to
to
to the
the
the
following
investments
(iii) following
in Non-Real
investment
investment limits:
Estate Assets are subject to the
limits:
limits:
following
(iii) following
investments
investment
in Non-Real
investment limits:
limits:
Estate Assets are subject to the
limits:
following investment limits:
(a)
(a) the
following
(a) the
the Shariah-compliant
investment
Shariah-compliant
Shariah-compliantlimits: securities
securities
securities must
must
must be
be
be traded
traded
traded in
in
in
(a)
(a)
(a) the
the
Shariah-compliant
Shariah-compliant securities
securities
securities must
must
must be
be
be traded
traded
traded in
in
in
(a) or
or
or under
theunder
under the
the
the rules
Shariah-compliant
rules
rules of
of
of an
an
an eligible
securities
eligible
eligible market,
market,
market, except
must beexcept
except for
tradedforin
for
(a) or
or
the
or under
under the
the rules
rules
Shariah-compliant
under the rules of
of
of an
an
an eligible
eligible
securities
eligible market,
market,
must
market, be except
except
traded
except for
for
in
for
unlisted
or undersukuk;
unlisted
unlisted sukuk;
the rules of an eligible market, except for
sukuk;
unlisted
or undersukuk;
unlisted
unlisted sukuk;
the rules of an eligible market, except for
sukuk;
unlisted sukuk;
(b)
(b)
(b) the
unlisted
the
the value
value
value of
sukuk;
of
of AME
AME
AME REIT’s
REIT’s
investments
investments in
in
in Shariah-
Shariah-
Shariah-
(b)
(b)
(b) the
the
the value
value
value of
of
of AME
AME
AME REIT’s
REIT’s
investments
investments in
in
in Shariah-
Shariah-
(b) compliant
the value of
compliant
compliant securities
AME REIT’s
securities
securities issued
issued
issued by
by
by any
investments
any
any in Shariah-
single
single
single issuer
Shariah-
issuer
issuer
(b) compliant
compliant
the value
securities
of AME
securities issued
issued
REIT’s
issued by
by any
any
investments
by any single
single
in
single issuer
issuer
Shariah-
issuer
must
compliant
must
must not
not
not exceed
exceed
exceed 5.0%
securities
5.0%
5.0% of
issued
of
of AME
AME
AME by REIT’s
any
REIT’s
REIT’s Total
single
Total
Total Asset
issuer
Asset
Asset
must
must
must
compliant not
not
not exceed
exceed
exceed 5.0%
5.0%
5.0%
securities of
of
of
issued AME
AME
AME by REIT’s
REIT’s
REIT’s
any Total
Total
Total
single Asset
Asset
Asset
issuer
Value;
must
Value;
Value; not exceed 5.0% of AME REIT’s Total Asset
Value;
Value;
must
Value; not exceed 5.0% of AME REIT’s Total Asset
Value;
(c)
(c)
(c) the
Value;
the
the value
value
value of
of
of AME
AME
AME REIT’s
REIT’s
investments
investments in
in
in Shariah-
Shariah-
Shariah-
(c)
(c) the
the value
value of AME REIT’s investments in Shariah-
(c)
(c) the
the value of
value
compliant
compliant
compliant
of AME
AME REIT’s
AME REIT’s
ofsecurities
REIT’s
securities
securities issued
issued
issued
investments
investments
by
investments
by
by any
any
any
in
in Shariah-
Shariah-
ingroup
Shariah-
group
group of
of
of
(c) compliant
compliant
the value
compliant must ofsecurities
securities
AME REIT’s
securities issued
issued by
by
investments
issued10.0% by anyany
any
any in group
group
Shariah-
group of
of
of
companies
compliant
companies
companies must not
securities
must not
not exceed
issued
exceed
exceed by
10.0%
10.0% of
of
of AME
AME
AME REIT’s
group
REIT’s
REIT’sof
companies
companies
compliant
companies must
must not
not
securities
must not exceed
exceed
issued
exceed 10.0%
10.0%
by
10.0% of
of
any
of AME
AME
AME REIT’s
REIT’s
group
REIT’sof
Total
companies
Total
Total Asset
Asset
Asset Value;
must
Value;
Value;notand
and
andexceed 10.0% of AME REIT’s
Total
Total
companies
Total Asset
Asset
Asset Value;
Value;
must
Value;notand
and
andexceed 10.0% of AME REIT’s
Total Asset Value; and
(d)
(d)
(d) AME Asset
Total
AME
AME REIT’sValue;
REIT’s
and
investments
investments in any
in
in any class
any class of
class of Shariah-
of Shariah-
Shariah-
(d)
(d)
(d) AME
AME
AME REIT’s
REIT’s
investments
investments in
in
in any
any
any class
class
class of
of
of Shariah-
Shariah-
Shariah-
(d) compliant
AME
compliant
compliant REIT’s securities
securities
securities must
investments
must
must not
in
not
not exceed
any
exceed
exceedclass 10.0%
of
10.0%
10.0% of the
the
Shariah-
of
of the
(d) compliant
compliant
AME REIT’s
securities must
must
investments
securities not
not exceed
exceed
in any
mustsingle
not exceed 10.0%
10.0%
classor of
of the
of
of Shariah-
10.0% the
the
securities
compliant
securities
securities issued
issued
issued by
securities
by
by any
must
any
any single
not
single issuer;
exceed
issuer;
issuer; or
10.0%
or of the
securities
securities
compliant
securities issued
issued by
by
securities any
mustsingle
any single issuer;
issuer;
not exceed or
or
10.0% of the
securities issued issued by
by any
any single
single issuer;
issuer; or or
such
such securities
other
other limits
limits issued
and
and by any
investments
investments single
as
as issuer;
may
may be
be or
permitted by
permitted by
such
such
such other
other
other limits
limits
limits and
and
and investments
investments
investments as
as
as may
may
may be
be
be permitted
permitted
permitted by
by
by
such
the SC
suchSC
the SCother
or
other
or limits
the
the REIT
limits
REIT and investments
Guidelines.
andGuidelines. as may be
investments as may be permitted by
Guidelines. permitted by
the
the SC or
or the
the REIT
REIT
the
the SC
such
the SC
SC 3
or
other
or
or the
the
the REIT
limits
REIT
REIT andGuidelines.
Guidelines.
investments as may be permitted by
Guidelines.
Guidelines.
the SC 3 3
3
3
3or the REIT Guidelines.
3
3
Shariah non- : Activities that are classified as Shariah non-compliant as

Shariah non-
compliant activities : Activities bythat
decided theare SACSC classified
including as Shariah
conventional non-compliant
banking and as
compliant activities decided conventional
lending, by the SACSC includinggambling,
insurance, conventional liquorbanking
and liquor-and
lending,activities,
related conventional pork and insurance,
pork-related gambling, liquor
activities, and liquor-
non-halal food
relatedbeverages,
and activities, pork and pork-related
tobacco activities, non-halal
and tobacco-related food
activities,
and beverages,
stockbroking or sharetobaccotrading and in tobacco-related
Shariah non-compliant activities,
stockbrokingShariah
securities, or share trading inentertainment
non-compliant Shariah non-compliant and other
securities,
activities deemed non-compliant according to Shariahand
Shariah non-compliant entertainment other
principles
activities deemed non-compliant according
as determined by the SACSC or the Shariah Adviser, in cases to Shariah principles
as
wheredetermined
no specific by ruling
the SACSC is made or by
thetheShariah
SACSC. Adviser, in cases
where no specific ruling is made by the SACSC.
Distribution policy : The Deed provides that the Manager shall, with the approval of
Distribution policy : The Trustee,
the Deed providesfor each thatdistribution
the Manager shall,distribute
period, with the approval
all or such of
the Trustee,
other percentage for each distributionbyperiod,
as determined distribute
the Manager allabsolute
at its or such
other percentage
discretion, of AME as determined by the Manager
REIT’s Distributable Income. at its Itabsolute
is the
discretion,
intention of of theAMEManager REIT’s Distributable
to distribute at leastIncome.
90.0%It ofisAME the
intention of the Manager to distribute
REIT’s Distributable Income on a quarterly basis or such other at least 90.0% of AME
REIT’s
intervalsDistributable
as the Manager Income on may a quarterly
determine basis
at oritssuch other
absolute
intervals
discretion. as the Manager may determine at its absolute
discretion.
Quarterly basis refers to each consecutive 3-month period
Quarterly basis
commencing on refers
and ending to each on the consecutive
following dates3-month (all period
dates
commencing
inclusive) on and
in each ending
financial yearonduring
the following dates (allofdates
the continuance AME
inclusive)
REIT or such in eachother financial
intervalyear as theduring the continuance
Manager may determine of AME in
REIT or such
accordance withother
the interval
Deed: as the Manager may determine in
accordance with the Deed:
(i) 1 April to 30 June;
(ii) 1 July to 30 September;
(iii) 1 October to 31 December; and
(iv) 1 January to 31 March.
The actual proportion of Distributable Income to be distributed
TheUnitholders
to actual proportion
beyondofthe Distributable
FYE 2023,Income which toshall be distributed
be at the
to Unitholders
absolute beyond
discretion of thethe FYE 2023,
Manager, may which
be greater shallthanbe 90.0%
at the
absolute
of AME discretion of the Manager,
REIT’s Distributable Income maytobethe greater
extentthan 90.0%
that the
of AME REIT’s
Manager believesDistributable
is appropriate, Income
havingtoregardthe extent
to AMEthat the
REIT’s
Managerrequirements,
funding believes is appropriate,
other capitalhaving regard to
management AME REIT’s
considerations
funding
and therequirements,
availability of other funds. capital management
Distributions, whenconsiderations
made in the
and the availability of funds.
form of cash, will be in Ringgit Malaysia. Distributions, when made in the
form of cash, will be in Ringgit Malaysia.
For the period from the Listing Date to 31 March 2023, AME
For the
REIT willperiod from 100.0%
distribute the Listing of its Date to 31 March
Distributable 2023, IfAME
Income. the
REIT will
Listing Date distribute
happens100.0% on or beforeof its 30 Distributable
SeptemberIncome. 2022, theIf first
the
Listing Date which
distribution, happens will onbe inor respect
before 30 September
of the period from 2022,thethe first
Listing
distribution,
Date which will be
to 31 December 2022,in respect
being of thethe period
first from thequarter
full financial Listing
Date
after 30to 31 December
September 2022,
2022, willbeing
be paidthe by
firstthefullManager
financial within
quarter 2
after 30 September
months from 31 December 2022. 2022, will be paid by the Manager within 2
months from 31 December 2022.
Financing limitation : Up to 50.0% of the Total Asset Value of AME REIT at the time
Financing
and limitation
gearing policy : Up to
the 50.0% ofis the
financing Total Asset
incurred (or such Value of AME
other REIT at the
limit permitted bytime
the
and gearing policy the financing
REIT Guidelines is incurred
from time(or to such
time).other limit permitted by the
REIT Guidelines from time to time).
Upon Listing, based on AME REIT’s Pro Forma Statement of
Upon Listing,
Financial based
Position, AME on REIT
AME REIT’swill havePro Forma
a total Statement of
indebtedness
Financial Position,
approximately RM46.5 AMEmillionREIT representing
will have a total indebtedness
approximately 8.1% of
approximately RM46.5 million representing
of its estimated Total Asset Value of RM574.5 million. approximately 8.1%
of its estimated Total Asset Value of RM574.5 million.
4
4
4
Performance : The following performance indicators can be considered in

Performance
benchmark : The following
reviewing performanceof indicators
the performance AME REIT:can be considered in
benchmark reviewing the performance of AME REIT:
(i) Distribution Yield;
(i) Distribution Yield;
(ii) NAV; and
(ii) NAV; and
(iii) Total Return (calculated as the change in market price of
(iii) the
TotalUnits
Return (calculated
over a periodasofthe change
time plus inany
market price of
distributions
the Unitsduring
received over the
a period
relevantofperiod).
time plus any distributions
received during the relevant period).
The performance indicators will be used to benchmark AME
The
REITperformance indicators
against its peers will as
as well be against
used to itsbenchmark AME
own historical
REIT against where
performance, its peers as well as against its own historical
applicable.
performance, where applicable.
Valuation Policy : Independent professional valuation will be obtained at least
Valuation Policy : Independent
once every professional
financial year valuation will be obtained
in accordance with theat REIT
least
once every financial year in accordance with
Guidelines or such other shorter interval as the Manager deemsthe REIT
Guidelines
necessary andor such other
these shorter will
valuations interval as the Manager
be conducted on thedeems
bases
necessary
and methodsandwhich
theseare
valuations will be with
in accordance conducted on the
the Asset bases
Valuation
and methods which are in accordance with the Asset Valuation
Guidelines.
Guidelines.
Redemption policy : Unitholders have no right to request the Manager to redeem
Redemption policy : Unitholders
their Units. have no right to request the Manager to redeem
their Units.
Minimum initial : Minimum of 100 Units
Minimum initial
investment : Minimum of 100 Units
investment
Minimum additional : Multiples of 100 Units
Minimum additional
investment : Multiples of 100 Units
investment
Investor profile : AME REIT may appeal to an investor with long-term investment
Investor profile : AME REITwho
objectives mayseeks
appeal to an investor
regular with
and stable long-term
income investment
distribution and
objectives capital
long-term who seeks regular and
appreciation, stable
and whoincome distribution
understands and
the risks
long-term
related capital
to the real appreciation,
estate industry and
andwho understands the risks
REITs.
related to the real estate industry and REITs.
Form : The Units will be issued in registered form and AME REIT shall
Form : Theconstituted
be Units will be
by issued
Deed. in registered form and AME REIT shall
be constituted by Deed.
Board lot : 100 Units per board lot
Board lot : 100 Units per board lot
Quotation : Main Market
Quotation : Main Market
Governing law : The Deed is governed by Malaysian law
Governing law : The Deed is governed by Malaysian law
Avenue for advice : The Manager strives to provide investors with quality information
Avenue for
available to advice : The Manager
services strives
to assist to provide
investors to investors
make wellwith quality information
informed investment
available to investors
prospective services toand
decisions assist
keep investors
abreast toof make well informed
developments investment
relating to AME
prospective investors decisions and keep abreast of developments relating to AME
REIT.
REIT.
Enquiries can be made through the following:
Enquiries can be made through the following:
(i) telephone number (07) 5959 999 during business hours
(i) (Malaysian
telephone number
time); (07) 5959 999 during business hours
(Malaysian time);
(ii) No. 2, Jalan I-Park SAC 1/1, Taman Perindustrian I-Park
(ii) SAC,
No. 2,81400
Jalan I-Park
Senai, SAC
Johor1/1, Taman
Darul Takzim Perindustrian I-Park
during business
SAC, 81400
hours Senai,
(Malaysian Johor
time); or Darul Takzim during business
hours (Malaysian time); or
(iii) AME REIT’s email at corporate@ireit.com.my or website
(iii) AME REIT’s email at corporate@ireit.com.my or website
at www.amereit.com.my
at www.amereit.com.my
5
5
5
INFORMATION
INFORMATION SUMMARY
SUMMARY (Cont’d)
(Cont’d)
(C)
(C) STRUCTURE OF AME
STRUCTURE OF AME REIT
REIT
II REIT
REIT Managers
Managers SdnSdn Bhd
Bhd is
is the
the manager
manager of of AME
AME REIT.
REIT. The
The principal
principal activity
activity of
of the
the Manager
Manager
is to manage and administer AME REIT. The Manager shall, in managing AME
is to manage and administer AME REIT. The Manager shall, in managing AME REIT, undertake REIT, undertake
primary management
primary management activities
activities in
in relation
relation to
to AME
AME REIT,
REIT, including
including but
but not
not limited
limited toto overall
overall
strategy, risk management strategy, acquisition and disposal strategy, property
strategy, risk management strategy, acquisition and disposal strategy, property development development
activities, marketing
activities, marketing and
and communications,
communications, individual
individual asset
asset performance
performance and and business
business planning,
planning,
market performance analysis and other activities as provided under the Deed. For further
market performance analysis and other activities as provided under the Deed. For further details details
of the Manager, please refer to Section 6 “The Manager” of this
of the Manager, please refer to Section 6 “The Manager” of this Prospectus.Prospectus.
AME Elite
AME Elite Consortium
Consortium Berhad
Berhad is
is the
the Sponsor
Sponsor of
of AME
AME REIT.
REIT. The
The Sponsor’s
Sponsor’s principal
principal business
business
address is No. 2, Jalan I-Park SAC 1/1, Taman Perindustrian I-Park SAC, 81400 Senai, Johor
address is No. 2, Jalan I-Park SAC 1/1, Taman Perindustrian I-Park SAC, 81400 Senai, Johor
Darul
Darul Takzim.
Takzim.
RHB
RHB Trustees
Trustees Berhad
Berhad is
is the
the trustee of AME
trustee of AME REIT.
REIT. The
The Trustee
Trustee provides
provides corporate
corporate trusteeship
trusteeship
services
services for AME REIT. For further details of the Trustee, please refer to Section 8 “The Trustee”
for AME REIT. For further details of the Trustee, please refer to Section 8 “The Trustee”
of
of this
this Prospectus.
Prospectus.
Nusa
Nusa Realtors
Realtors is
is the
the property
property manager
manager of
of AME
AME REIT.
REIT. The
The Property
Property Manager
Manager is
is responsible
responsible for
for
providing
providing property management services to manage, operate and maintain the
property management services to manage, operate and maintain the Subject
Subject
Properties
Properties upon
upon the
the terms
terms and
and conditions
conditions of
of the
the Property
Property Management
Management Agreement.
Agreement. For
For further
further
details
details of the Property Manager, please refer to Section 10 “Property Manager” of
of the Property Manager, please refer to Section 10 “Property Manager” of this
this
Prospectus.
Prospectus.
BIMB
BIMB Securities
Securities Sdn
Sdn Bhd
Bhd is
is the
the Shariah
Shariah Adviser
Adviser of
of AME
AME REIT.
REIT. The
The Shariah
Shariah Adviser
Adviser isis
responsible
responsible for
for all
all Shariah
Shariah matters
matters including
including ensuring Shariah compliance
ensuring Shariah compliance with
with relevant
relevant
securities
securities laws
laws and
and guidelines
guidelines issued
issued by by the
the SC and applicable
SC and applicable Shariah
Shariah principles,
principles, concepts
concepts
and rulings endorsed by the SACSC. For further details of the Shariah Adviser, please
and rulings endorsed by the SACSC. For further details of the Shariah Adviser, please refer refer to
to
Section 9 “The Shariah Adviser” of this Prospectus.
Section 9 “The Shariah Adviser” of this Prospectus.
AME REIT
AME REIT will
will acquire
acquire the
the Subject
Subject Properties
Properties in
in accordance
accordance with
with the
the terms
terms of
of the
the SPAs
SPAs which
which
are interdependent on each other. For further details of the SPAs, please refer to Section
are interdependent on each other. For further details of the SPAs, please refer to Section 15.3 15.3
“Salient Terms of the SPAs” of this Prospectus.
“Salient Terms of the SPAs” of this Prospectus.
The following
The following diagram
diagram illustrates
illustrates the
the structure
structure of
of AME
AME REIT
REIT and
and indicates
indicates the
the relationship
relationship
between AME REIT, the Manager, the Trustee, the Property Manager, the Shariah Adviser
between AME REIT, the Manager, the Trustee, the Property Manager, the Shariah Adviser and and
the Unitholders.
the Unitholders.
6
6
6
INFORMATION
INFORMATION SUMMARY
SUMMARY (Cont’d)
(Cont’d)
(D)
(D) OVERVIEW OF
OVERVIEW OF THE
THE SUBJECT
SUBJECT PROPERTIES
PROPERTIES
AME
AME REIT’s
REIT’s initial
initial portfolio
portfolio will
will consist
consist of
of the
the 34
34 Subject
Subject Properties
Properties comprising
comprising SACSAC Subject
Subject
Properties,
Properties, Indahpura Subject Properties and SILC Subject Properties, all of which are
Indahpura Subject Properties and SILC Subject Properties, all of which are located
located
within
within Iskandar Malaysia.
Iskandar Malaysia.
(i)
(i) SAC
SAC Subject
Subject Properties:
Properties: 13
13 Industrial
Properties located
located in
in i-Park
i-Park @@ SAC,
SAC, an an
Industrial
Industrial Property used as warehouse located in the Free Industrial Zone facility which
Property used as warehouse located in the Free Industrial Zone facility which
is
is near
near to
to i-Park
i-Park @
@ SAC,
SAC, and
and an
an Industrial-Related
Industrial-Related Property
Property which
which is
is used
used as
as workers’
workers’
dormitory located adjacent to i-Park @ SAC;
dormitory located adjacent to i-Park @ SAC;
(ii)
(ii) Indahpura
Indahpura Subject
Subject Properties:
Properties: 11
11 Industrial
Properties located
located in
in i-Park
i-Park @
@ Indahpura
Indahpura
and
and 2 Industrial-Related Properties which are used as workers’ dormitories located
2 Industrial-Related Properties which are used as workers’ dormitories located
adjacent
adjacent to
to i-Park
i-Park @
@ Indahpura;
Indahpura; and
and
(iii)
(iii) SILC
SILC Subject
Subject Properties:
Properties: 3 3 Industrial
Properties located
located in
in i-Park
i-Park @@ SILC
SILC and
and 3 3
Industrial
Industrial Properties which are gated single storey detached industrial buildings with 3-
Properties which are gated single storey detached industrial buildings with 3-
storey
storey offices
offices and
and built
built with
with separate
separate individual
individual guard
guard houses
houses toto be
be managed
managed byby the
the
occupants located in District 6 @ SILC.
occupants located in District 6 @ SILC.
All
All the
the 34
34 Subject
Subject Properties
Properties were
were developed
developed by
by the
the AME
AME Group
Group as
as part
part of
of their
their ongoing
ongoing and
and
completed developments of industrial and industrial-related properties.
Please
Please refer
refer to
to Section
Section 2.2.1.1
2.2.1.1 for
for the
the details
details of
of the
the development
development projects
projects of
of AME
AME Group.
Group.
(The
(The rest
rest of
of this
this page
page is
is intentionally
intentionally left
left blank)
blank)
7
7
7
The map below sets out the locations of the Subject Properties:

SAC

SILC
@ SILC
Source: AME
Source: AME
As an economic corridor, the Iskandar Malaysia region has ample transportation infrastructure,
including an airport and 3 ports, which provides connectivity, accessibility and logistical
convenience for businesses operating within the freehold industrial parks of AME:
(a) i-Park @ SAC is situated in Senai Airport City, which is about 6 km from Senai
(a) i-Park @ SAC is situated in Senai Airport City, which is about 6 km from Senai
International Airport. It is also 3 km from North-South Expressway, 4 km from Senai-
International Airport. It is also 3 km from North-South Expressway, 4 km from Senai-
Desaru Expressway, 5 km from Malaysia-Singapore Second Link Expressway, 6 km
Desaru Expressway, 5 km from Malaysia-Singapore Second Link Expressway, 6 km
from Senai International Airport and 20 km from Johor Bahru Customs, Immigration and
from Senai International Airport and 20 km from Johor Bahru Customs, Immigration and
Quarantine Complex (“CIQ”);
Quarantine Complex (“CIQ”);
(b) i-Park @ Indahpura is located about 7 km from Malaysia-Singapore Second Link
Expressway, 8 km from North-South Expressway and Senai-Desaru Expressway, 11
Expressway, 8 km from North-South Expressway and Senai-Desaru Expressway, 11
km from Senai International Airport and 33 km from the CIQ; and
km from Senai International Airport and 33 km from the CIQ; and
(c) i-Park @ SILC and District 6 @ SILC are situated within Iskandar Puteri. i-Park @ SILC
(c) i-Park @ SILC and District 6 @ SILC are situated within Iskandar Puteri. i-Park @ SILC
is about 4 km from Malaysia-Singapore Second Link Expressway, 18 km from Port of
is about 4 km from Malaysia-Singapore Second Link Expressway, 18 km from Port of
Tanjung Pelepas, 26 km from Senai International Airport, 44 km from Johor Port and
Tanjung Pelepas, 26 km from Senai International Airport, 44 km from Johor Port and
67 km from Singapore Changi Airport. District 6 @ SILC fronts the Pontian Link
67 km from Singapore Changi Airport. District 6 @ SILC fronts the Pontian Link
Expressway and is about 4 km away from Malaysia-Singapore Second Link
Expressway and is about 4 km away from Malaysia-Singapore Second Link
Expressway.
Expressway.
8
8
8
(E) COMPETITIVE STRENGTHS AND INVESTMENT HIGHLIGHTS

(E) COMPETITIVE STRENGTHS AND INVESTMENT HIGHLIGHTS
The Manager believes that an investment in AME REIT offers the following investment
The Manager believes that an investment in AME REIT offers the following investment
attractions to Unitholders:
attractions to Unitholders:
(i) Committed Support from Sponsor which is an Industrial Property Specialist with Proven
(i) Committed Support from Sponsor which is an Industrial Property Specialist with Proven
Track Record
Track Record
The Sponsor, together with its subsidiaries, is an integrated and comprehensive industrial space
The Sponsor, together with its subsidiaries, is an integrated and comprehensive industrial space
solutions provider, with activities that encompass the development of industrial parks, the rental
solutions provider, with activities that encompass the development of industrial parks, the rental
and management of workers’ dormitories, as well as the design and construction of large
and management of workers’ dormitories, as well as the design and construction of large
industrial buildings and manufacturing plants.
industrial buildings and manufacturing plants.
The history of AME Group can be traced back to 1995 when it commenced its business in the
The history of AME Group can be traced back to 1995 when it commenced its business in the
design and construction of customised large manufacturing plants and industrial buildings for
design and construction of customised large manufacturing plants and industrial buildings for
MNCs and local enterprises. As at the LPD, AME Group has completed the construction of more
MNCs and local enterprises. As at the LPD, AME Group has completed the construction of more
than 200 large manufacturing plants and industrial buildings in Peninsular Malaysia, for,
than 200 large manufacturing plants and industrial buildings in Peninsular Malaysia, for,
amongst others, the steel, oleochemical, oil and gas, electrical and electronics, consumer
amongst others, the steel, oleochemical, oil and gas, electrical and electronics, consumer
products, food and beverage, logistics and automotive industries. Since 1998, a subsidiary of
products, food and beverage, logistics and automotive industries. Since 1998, a subsidiary of
AME Group has been registered with the Construction Industry Development Board as a Grade
AME Group has been registered with the Construction Industry Development Board as a Grade
G7 contractor, enabling it to tender for construction contracts of unlimited value.
G7 contractor, enabling it to tender for construction contracts of unlimited value.
AME Group ventured into the development of industrial parks in Johor in 2011 and as at the
AME Group ventured into the development of industrial parks in Johor in 2011 and as at the
LPD, launched 5 industrial parks and 1 commercial development, with a total estimated GDV of
LPD, launched 5 industrial parks and 1 commercial development, with a total estimated GDV of
RM2.9 billion. In March 2022, AME Group soft-launched i-TechValley in SILC, a new managed
RM2.9 billion. In March 2022, AME Group soft-launched i-TechValley in SILC, a new managed
industrial park in Johor with estimated GDV of RM1.5 billion. i-TechValley in SILC is envisaged
industrial park in Johor with estimated GDV of RM1.5 billion. i-TechValley in SILC is envisaged
to cover 169.8 acres comprising 1½-storey detached factories with standard land sizes of
to cover 169.8 acres comprising 1½-storey detached factories with standard land sizes of
approximately 1 to 3 acres. Similar to i-Park managed industrial parks, it is equipped with
approximately 1 to 3 acres. Similar to i-Park managed industrial parks, it is equipped with
guardhouses, CCTV surveillance, 24-hour security control, high-speed broadband and wide
guardhouses, CCTV surveillance, 24-hour security control, high-speed broadband and wide
entrances allowing unobstructed access.
entrances allowing unobstructed access.
The flagship development projects of AME Group are the managed industrial parks which carry
The flagship development projects of AME Group are the managed industrial parks which carry
the “i-Park” brand, namely i-Park @ SAC, i-Park @ Indahpura and i-Park @ SILC. These
the “i-Park” brand, namely i-Park @ SAC, i-Park @ Indahpura and i-Park @ SILC. These
developments offer, among others, gated and guarded services, landscaping management,
developments offer, among others, gated and guarded services, landscaping management,
health and safety monitoring services, business service centre and recreational facilities. AME
health and safety monitoring services, business service centre and recreational facilities. AME
Group undertakes its development projects, including the Subject Properties, with key ESG
Group undertakes its development projects, including the Subject Properties, with key ESG
considerations in mind. The i-Park concept incorporates the planning, development, and
considerations in mind. The i-Park concept incorporates the planning, development, and
management of the industrial parks aligned to principles of sustainability to promote a green,
management of the industrial parks aligned to principles of sustainability to promote a green,
healthy, and comfortable environment for occupants. Buildings are planned and designed
healthy, and comfortable environment for occupants. Buildings are planned and designed
based on the concept and criteria of green buildings, to promote sustainability of the buildings
based on the concept and criteria of green buildings, to promote sustainability of the buildings
and surrounding environment, with a strong focus on improving the efficiency of resource
and surrounding environment, with a strong focus on improving the efficiency of resource
utilisation, i.e. energy, water and materials, through better siting, design, construction, operation
utilisation, i.e. energy, water and materials, through better siting, design, construction, operation
and maintenance.
and maintenance.
The buildings of i-Park @ SAC and i-Park @ Indahpura include infrastructure and facilities that
The buildings of i-Park @ SAC and i-Park @ Indahpura include infrastructure and facilities that
are constructed to be environmentally responsible and resource-efficient. In addition, the
are constructed to be environmentally responsible and resource-efficient. In addition, the
buildings are designed to facilitate future enhancements and installations of further green
buildings are designed to facilitate future enhancements and installations of further green
features, as the green building concept includes on-going efforts to enhance sustainability
features, as the green building concept includes on-going efforts to enhance sustainability
standards by the users.
standards by the users.
Workers’ dormitories adjacent to these parks are key to supporting the accommodation needs
Workers’ dormitories adjacent to these parks are key to supporting the accommodation needs
for the workers of the i-Park clientele. I Stay, a subsidiary of the Sponsor operates the
for the workers of the i-Park clientele. I Stay, a subsidiary of the Sponsor operates the
dormitories and aim to offer a safe and comfortable environment with a host of managed
dormitories and aim to offer a safe and comfortable environment with a host of managed
services that support workers’ welfare and quality of life.
services that support workers’ welfare and quality of life.
The features and facilities of the parks are further described in Section 2.2.2 of this Prospectus.
The features and facilities of the parks are further described in Section 2.2.2 of this Prospectus.
These parks host many large and well-known MNCs, which is a testament to AME Group’s
These parks host many large and well-known MNCs, which is a testament to AME Group’s
ability to deliver value in the form of quality properties within their parks.
ability to deliver value in the form of quality properties within their parks.
9
9
9
INFORMATION
INFORMATION SUMMARY
SUMMARY (Cont’d)
(Cont’d)
AME
AME Group
Group and
and its
its industrial
industrial parks
parks have
have won
won multiple
multiple awards
awards and
and accolades:
accolades:
Year
Year Awards
Awards &
& Accreditation
Accreditation Presented
Presented at/by
at/by Recipient
Recipient Entity
Entity
2016
2016 –
– Platinum
Platinum Winner
Winner of
of “Most
“Most The
The Iskandar
Iskandar Malaysia
Malaysia AME
AME
2017
2017 Conducive Workplace”
Conducive Workplace” Accolades
Accolades 2016/17
2016/17 Development
Development for
for
i-Park @
i-Park @
Indahpura
Indahpura
2017
2017 –
– 5
5 Stars
Stars Winners
Winners for
for Best
Best Asia
Asia Pacific
Pacific Property
Property Ipark
Ipark
2018
2018 Industrial
Industrial Development Malaysia
Development Malaysia Awards 2017/2018
Awards 2017/2018 Development
Development for
for
i-Park
i-Park @
@ SAC
SAC
2017
2017 Excellence
Excellence Winner
Winner of
of The
The Best
Best Starproperty.my
Starproperty.my Ipark
Ipark
Industrial
Industrial Park
Park Development
Development Jewels
Jewels of
of Johor
Johor Development
Development for
for
(Note:
(Note: There
There were
were 2
2 winners)
winners) Awards 2017
Awards 2017 i-Park @ SAC
i-Park @ SAC
2018
2018 EdgeProp
EdgeProp Malaysia’s
Malaysia’s EdgeProp
EdgeProp Malaysia’s
Malaysia’s AME
AME
Responsible
Responsible Developer:
Developer: Building
Building Best
Best Managed
Managed Development
Development
Sustainable
Sustainable Development Award
Development Award Property
Property Awards
Awards 2018
2018
2018
2018
2018
2018 The
The Best
Best Choice
Choice Awards
Awards Starproperty.my
Starproperty.my AME
AME
Jewels
Jewels of
of Johor
Johor Development
Development
Awards
Awards 2018
2018
2018
2018 Excellence
Excellence Winner
Winner of
of The
The Starproperty.my
Starproperty.my Ipark
Ipark
Business
Business Estate
Estate Award
Award (Best
(Best Awards
Awards 2018
2018 Development
Development for
for
Industrial
Industrial Park
Park Development)
Development) i-Park
i-Park @
@ SAC
SAC
2018
2018 Honours
Honours Winner
Winner of
of The
The Earth-
Earth- Starproperty.my
Starproperty.my AME
AME
Conscious
Conscious Award
Award (Best
(Best Awards
Awards 2018
2018 Development
Development for
for
Sustainable
Sustainable Development)
Development) i-Park @
i-Park @
Indahpura
Indahpura
2018
2018 Honours
Honours Winner
Winner of
of The
The Business
Business Starproperty.my
Starproperty.my AME
AME
Estate Award (Best Industrial
Estate Award (Best Industrial Awards
Awards 2018
2018 Development
Development for
for
Park
Park Development)
Development) i-Park
i-Park @
@
Indahpura
Indahpura
2018
2018 Honours
Honours Winner
Winner of
of The
The Best
Best Starproperty.my
Starproperty.my AME
AME
Sustainable Development
Sustainable Development Jewels
Jewels of
of Johor
Johor Development
Development for
for
Awards 2018
Awards 2018 i-Park @
i-Park @
Indahpura
Indahpura
2018
2018 Malaysia
Malaysia Property
Property Award
AwardTM
TM FIABCI-Malaysia
FIABCI-Malaysia AME
AME
(MPA)
(MPA) 2018
2018 (Industrial
(Industrial Category)
Category) (International
(International Real
Real Development
Development for
for
Estate
Estate Federation)
Federation) i-Park
i-Park @
@
Indahpura
Indahpura
2019
2019 Innovative
Innovative Developer
Developer Awards
Awards ASEAN
ASEAN Property
Property AME
AME
Awards Malaysia
Awards Malaysia Development
Development
2018/2019
2018/2019
10
10
10
Year Awards & Accreditation Presented at/by Recipient Entity

Year Awards & Accreditation Presented at/by Recipient Entity
2019 World Silver Winner (Industrial 2019 FIABCI World AME
2019 World Silver Winner (Industrial 2019 FIABCI World AME
Category) Prix d’Éxcellence Development for
Category) Prix d’Éxcellence Development for
Awards i-Park @
Awards i-Park @
Indahpura
Indahpura
2019 Best Industrial Development ASEAN Property Ipark
2019 Best Industrial Development ASEAN Property Ipark
Developer Awards Development for
Developer Awards Development for
Malaysia 2018/2019 i-Park @ SAC
Malaysia 2018/2019 i-Park @ SAC
2020 Best Industrial Development PropertyGuru Asia Ipark
Property Awards Development for
Property Awards Development for
Malaysia 2020 i-Park @ SAC
Malaysia 2020 i-Park @ SAC
(Regional Winner) Property Awards 2020 Development for
(Regional Winner) Property Awards 2020 Development for
i-Park @ SAC
i-Park @ SAC
2020 Best Industrial Developer PropertyGuru Asia AME
2020 Best Industrial Developer PropertyGuru Asia AME
Property Awards Development
Property Awards Development
Malaysia 2020
Malaysia 2020
2021 Honorory Mention of The Edge – The Edge Malaysia – AME
2021 Honorory Mention of The Edge – The Edge Malaysia – AME
PAM Green Excellence Award Property Excellence Development for
PAM Green Excellence Award Property Excellence Development for
2021 Awards (TEPEA) 2021 i-Park @ SAC
2021 Awards (TEPEA) 2021 i-Park @ SAC
The i-Park branded industrial parks, and in particular, i-Park @ Indahpura and i-Park @ SAC,
The i-Park branded industrial parks, and in particular, i-Park @ Indahpura and i-Park @ SAC,
showcases AME Group’s ability to deliver value-added services and offerings to complement
showcases AME Group’s ability to deliver value-added services and offerings to complement
its properties. 27 of the 31 Industrial Properties forming the initial portfolio of AME REIT are
its properties. 27 of the 31 Industrial Properties forming the initial portfolio of AME REIT are
situated in these 3 parks. The 3 Dormitories forming the Industrial-Related Properties of AME
situated in these 3 parks. The 3 Dormitories forming the Industrial-Related Properties of AME
REIT are situated adjacent to i-Park @ SAC and i-Park @ Indahpura.
REIT are situated adjacent to i-Park @ SAC and i-Park @ Indahpura.
This differentiating factor elevates the appeal of the i-Park properties, including the Subject
This differentiating factor elevates the appeal of the i-Park properties, including the Subject
Properties, and has successfully attracted international customers including companies such
Properties, and has successfully attracted international customers including companies such
as DHL Express (Malaysia) Sdn Bhd, Federal Express Services (M) Sdn Bhd and Lyreco Office
as DHL Express (Malaysia) Sdn Bhd, Federal Express Services (M) Sdn Bhd and Lyreco Office
Supplies (Malaysia) Sdn Bhd. The majority of AME REIT’s Subject Properties are beneficiaries
Supplies (Malaysia) Sdn Bhd. The majority of AME REIT’s Subject Properties are beneficiaries
of ESG initiatives by AME Group, as there is an increasing awareness and requirements to
of ESG initiatives by AME Group, as there is an increasing awareness and requirements to
meet ESG standards for tenants and potential tenants.
meet ESG standards for tenants and potential tenants.
AME Group’s pipeline of industrial property development projects, including the award-winning
AME Group’s pipeline of industrial property development projects, including the award-winning
industrial park developments mentioned above, will provide a future source of acquisition and
industrial park developments mentioned above, will provide a future source of acquisition and
growth opportunities for AME REIT. Please refer to Section 2.2.1.1 of AME Group’s various
growth opportunities for AME REIT. Please refer to Section 2.2.1.1 of AME Group’s various
development projects and Section 2.2.5.1 on ROFR arrangements to provide AME REIT with
development projects and Section 2.2.5.1 on ROFR arrangements to provide AME REIT with
access to future industrial and industrial-related properties.
access to future industrial and industrial-related properties.
(ii) Strong Alignment of Interests between the Sponsor, Manager and Unitholders
(ii) Strong Alignment of Interests between the Sponsor, Manager and Unitholders
The interest of the Sponsor and the Manager, a wholly-owned subsidiary of the Sponsor, will
The interest of the Sponsor and the Manager, a wholly-owned subsidiary of the Sponsor, will
be aligned with the other Unitholders of AME REIT, which will incentivise AME Group and the
be aligned with the other Unitholders of AME REIT, which will incentivise AME Group and the
Manager to achieve AME REIT’s growth targets and maximise distributions to Unitholders.
Manager to achieve AME REIT’s growth targets and maximise distributions to Unitholders.
The establishment of AME REIT and the injection of the Subject Properties into AME REIT
The establishment of AME REIT and the injection of the Subject Properties into AME REIT
enables AME Group to partly monetise their investments in the Subject Properties and AME
enables AME Group to partly monetise their investments in the Subject Properties and AME
Group would also be able to unlock the value of its leasing property assets by securitising those
Group would also be able to unlock the value of its leasing property assets by securitising those
assets which fit the investment criteria of AME REIT. AME Group will be the single largest
assets which fit the investment criteria of AME REIT. AME Group will be the single largest
Unitholder of AME REIT holding 51.0% of the Units upon the Listing, and is committed to
Unitholder of AME REIT holding 51.0% of the Units upon the Listing, and is committed to
support and grow AME REIT over the long-term.
support and grow AME REIT over the long-term.
11
11
11
INFORMATION
INFORMATION SUMMARY
SUMMARY (Cont’d)
(Cont’d)
Post
Post Listing,
Listing, AME
AME Group
Group would
would bebe able
able to
to offer
offer a
a pipeline
pipeline of
of properties
properties from
from their
their current
current and
and
future
future industrial and industrial-related property developments to AME REIT while AME Group
industrial and industrial-related property developments to AME REIT while AME Group
focuses
focuses onon its
its principal
principal business
business activities
activities which
which include
include but
but not
not limited
limited to
to development
development ofof
industrial parks and construction.
industrial parks and construction.
In
In addition
addition toto fixed
fixed management
management fees fees based on the
based on the Total
Total Asset
Asset Value
Value (excluding
(excluding cash
cash and
and bank
bank
balances which are held in non-interest/non-profit bearing accounts), the Manager will also
balances which are held in non-interest/non-profit bearing accounts), the Manager will also be
be
entitled to
entitled to receive
receive performance-based
performance-based management
management fees,fees, which
which provides
provides incentive
incentive for
for the
the
Sponsor and
Sponsor and Manager
Manager to to grow
grow AME
AME REIT’s
REIT’s distributable
distributable income.
income. Furthermore,
Furthermore, the
the Manager
Manager
may receive a portion or all of the management fees in Units of AME
may receive a portion or all of the management fees in Units of AME REIT, which will REIT, which will further
further
align its interest with Unitholders. However, there could be circumstances where
align its interest with Unitholders. However, there could be circumstances where the NAV per the NAV per
Unit may be diluted if the management fees are received in Units of
Unit may be diluted if the management fees are received in Units of AME REIT as further AME REIT as further
discussed under
discussed under Section
Section 5.3.9
5.3.9 ofof this
this Prospectus.
Prospectus.
From the
From the Listing
Listing Date
Date to
to 31
31 March
March 2023,
2023, itit is
is the
the intention
intention of
of the
the Manager
Manager toto distribute
distribute 100%
100% ofof
its
its Distributable Income whilst the Management Fees for the period will be fully paid in Units.
Distributable Income whilst the Management Fees for the period will be fully paid in Units.
(iii)
(iii) Strategically
Strategically Located
Located within
within Iskandar
Iskandar Malaysia
Malaysia with
with Ample
Ample Logistical
Logistical Infrastructure
Infrastructure
AME
AME REIT’s
REIT’s initial
initial portfolio
portfolio of
of Subject
Subject Properties
Properties are
are strategically
strategically located
located within
within Iskandar
Iskandar
Malaysia.
Malaysia. Iskandar Malaysia was identified in the Ninth Malaysia Plan as an economic hub
Iskandar Malaysia was identified in the Ninth Malaysia Plan as an economic hub and
and
driver for the growth of Malaysia’s economy.
driver for the growth of Malaysia’s economy.
Iskandar
Iskandar Malaysia
Malaysia aimsaims toto receive
receive aa cumulative
cumulative investment
investment of
of RM383.0
RM383.0 billion
billion by
by 2025.
2025. The
The
Independent
Independent Market Research Report noted that between 2006 to 2020, it received a
Market Research Report noted that between 2006 to 2020, it received a
cumulative
cumulative investment
investment of of RM340.0
RM340.0 billion,
billion, out
out ofof which
which the
the manufacturing
manufacturing sector,
sector, industrial
industrial
property
property sector
sector andand logistics
logistics sector
sector received
received total
total investments
investments ofof RM83.4
RM83.4 billion,
billion, RM19.0
RM19.0 billion
billion
and
and RM13.5 billion respectively during the same period. Out of the total cumulative investment
RM13.5 billion respectively during the same period. Out of the total cumulative investment
received
received between
between 2006 2006 andand 2020,
2020, 41.0%
41.0% waswas contributed
contributed by
by foreign
foreign investments,
investments, with with China
China
being the top source of investment, followed by Singapore and US. The continuous
being the top source of investment, followed by Singapore and US. The continuous investments investments
received
received inin Iskandar
Iskandar Malaysia
Malaysia bodes
bodes well
well for
for industrial
industrial development
development in in the
the region
region along
along with
with the
the
increasing
increasing business and economic activities in various sectors, including manufacturing and
business and economic activities in various sectors, including manufacturing and
logistics.
logistics.
As
As an
an economic
economic hub
hub in
in the
the southern
southern region
region of
of Malaysia,
Malaysia, the
the Iskandar
Iskandar Malaysia
Malaysia region
region has
has ample
ample
transportation
transportation infrastructure, including an airport (Senai International Airport) and 3 seaports
infrastructure, including an airport (Senai International Airport) and 3 seaports
(i.e.
(i.e. Johor
Johor Port,
Port, Port
Port of
of Tanjung
Tanjung Pelepas
Pelepas and
and Tanjung
Tanjung Langsat
Langsat Port).
Port). Further,
Further, itit also
also has
has access
access
to major highways such as Johor Causeway, North-South Expressway and Malaysia-Singapore
to major highways such as Johor Causeway, North-South Expressway and Malaysia-Singapore
Second
Second Link
Link Expressway
Expressway which
which connect
connect Iskandar
Iskandar Malaysia
Malaysia toto other
other states
states in in Malaysia
Malaysia and
and
Singapore.
Singapore. Additionally, the Iskandar Rapid Transit (formerly known as Iskandar Malaysia
Additionally, the Iskandar Rapid Transit (formerly known as Iskandar Malaysia Bus
Bus
Rapid
Rapid Transit)
Transit) project
project has
has also
also been
been launched
launched toto enhance
enhance public
public transportation
transportation coverage,
coverage,
accessibility and connectivity within the Iskandar Malaysia
accessibility and connectivity within the Iskandar Malaysia region.region.
All
All of
of these
these infrastructures
infrastructures will
will provide
provide connectivity,
connectivity, accessibility
accessibility and
and logistical
logistical convenience
convenience for
for
AME
AME REIT’s Subject Properties, which are situated within or nearby the industrial parks
REIT’s Subject Properties, which are situated within or nearby the industrial parks of
of AME
AME
Group.
Group.
Further
Further details
details on
on the
the proximity
proximity of
of AME
AME Group’s
Group’s industrial
industrial parks
parks to
to the
the various
various major
major
transportation and logistical infrastructure can be found in Section 2.1.1 of this Prospectus.
transportation and logistical infrastructure can be found in Section 2.1.1 of this Prospectus.
Being
Being inin close
close proximity
proximity to
to Singapore,
Singapore, Iskandar
Iskandar Malaysia
Malaysia may
may also
also reap
reap the
the benefits
benefits of
of spillover
spillover
effects
effects from the island nation. Singapore continues to attract foreign investments to establish
from the island nation. Singapore continues to attract foreign investments to establish
operations
operations in in Singapore.
Singapore. Given
Given the
the higher
higher operating
operating cost
cost and
and limited
limited land
land space
space in
in Singapore,
Singapore,
other
other foreign players who are part of the supply chain to such companies and want to
foreign players who are part of the supply chain to such companies and want to be
be inin
close proximity to these players in Singapore may set up or expand their operations or
close proximity to these players in Singapore may set up or expand their operations or facilitiesfacilities
in
in Iskandar
Iskandar Malaysia.
Malaysia.
12
12
12
INFORMATION
INFORMATION SUMMARY
SUMMARY (Cont’d)
(Cont’d)
(iv)
(iv) Beneficiary of
Beneficiary of International
International Trade
Trade War
War
The on-going
The on-going US-China
US-China trade
trade war
war has
has led
led to
to some
some MNCs
MNCs diverting
diverting their
their expansions
expansions to
to countries
countries
in
in Southeast Asia, which may include Malaysia, from their original expansion plans to
Southeast Asia, which may include Malaysia, from their original expansion plans to China.
China.
Despite
Despite thethe COVID-19
COVID-19 pandemic,
pandemic, thethe manufacturing
manufacturing sector
sector in
in Malaysia
Malaysia recorded
recorded aa strong
strong year-
year-
on-year
on-year increase by 113.8% in total approved investments for 2021, amounting to
increase by 113.8% in total approved investments for 2021, amounting to RM195.1
RM195.1
billion,
billion, of
of which,
which, FDI
FDI accounted
accounted for for RM179.6
RM179.6 billion.
billion. The
The increase
increase in
in FDI
FDI inflows
inflows may
may bebe partly
partly
attributed
attributed to the US-China trade war that had resulted in the relocation of manufacturing facilities
to the US-China trade war that had resulted in the relocation of manufacturing facilities
by
by foreign
foreign companies
companies from
from China
China toto countries
countries such
such asas Malaysia,
Malaysia, with
with Iskandar
Iskandar Malaysia
Malaysia being
being
among the beneficiaries of the
among the beneficiaries of the FDI. FDI.
(v)
(v) Resilient
Resilient Portfolio
Portfolio of
of Quality
Quality Properties
Properties
The
The Subject
Subject Properties
Properties feature
feature aesthetics
aesthetics underpinned
underpinned by by ESG
ESG considerations,
considerations, with
with such
such
Subject
Subject Properties not exceeding 10 years of age as at the LPD. This also reduces the
Properties not exceeding 10 years of age as at the LPD. This also reduces the need
need
for
for immediate
immediate asset
asset enhancement
enhancement initiatives
initiatives or
or major
major repairs
repairs and
and maintenance
maintenance works.
works. Detailed
Detailed
information
information of
of the
the age
age of
of the
the building
building can
can be
be found
found in
in Section
Section 2.1.1
2.1.1 of
of this
this Prospectus.
Prospectus.
The
The resiliency
resiliency of
of the
the Subject
Subject Properties
Properties can
can be
be seen
seen in
in the
the average
average Occupancy
Occupancy Rate,
Rate, rental
rental
rates and NPI over the years.
rates and NPI over the years.
FYE 2020 FYE FYE
FYE 2022
Industrial
Industrial Properties FYE 2021
(1)
Properties (1) FYE 2020 2021 2022
Average
Average Occupancy
Occupancy Rate
Rate (%)
(%) 95.8
95.8 90.8
90.8 96.9
96.9
Average
Average monthly
monthly Occupied
Occupied NLA
NLA (’000
(’000 sq
sq ft)
ft) 1,114
1,114 1,186
1,186 1,495
1,495
Average
Average monthly
monthly rental
rental rate
rate (2) (RM/sq
(2)
(RM/sq ft)
ft) 1.58
1.58 1.58
1.58 1.56
1.56
Average
Average monthly
monthly NPI
NPI per
per Occupied
Occupied NLA
(3)
NLA (3) 1.44
1.44 1.44
1.44 1.43
1.43
(RM/sq ft)
(RM/sq ft)
Notes:
Notes:
(1)
(1) Excluding
Excluding the
the Dormitories
Dormitories as
as they
they have
have been
been fully
fully tenanted
tenanted by
by aa subsidiary
subsidiary of
of AME
AME since
since
completion.
completion. Further, NLA-based metrics are not applicable as the Dormitory tenancies are on
Further, NLA-based metrics are not applicable as the Dormitory tenancies are on
master
master lease
lease arrangements based on
arrangements based on the
the total
total number
number of of beds
beds and
and unit
unit capacity.
capacity.
For further
For further details
details on
on the
the historical
historical average
average Occupancy
Occupancy Rate,
Rate, average
average monthly
monthly Occupied
Occupied NLA,
NLA,
average monthly
average monthly rental
rental rate
rate and
and average
average NPI,
NPI, please
please refer
refer to
to Sections
Sections 4.4.5
4.4.5 of
of this
this Prospectus.
Prospectus.
(2)
(2) The average
The average monthly
monthly rental
rental rate
rate is
is computed
computed based
based onon the
the average
average monthly
monthly Occupied
Occupied NLA NLA andand
the rental revenue for the respective financial years, which is recognised on a straight-line
the rental revenue for the respective financial years, which is recognised on a straight-line basis. basis.
The
The straight-line
straight-line rental
rental income
income is is obtained
obtained by by dividing
dividing the
the total
total rental
rental income
income for for committed
committed
tenancies
tenancies over
over the
the tenure
tenure of
of such
such rentals,
rentals, i.e.
i.e. the
the total
total rental
rental amount
amount over
over the
the life
life of
of the
the lease
lease is
is
divided
divided and recognised equally over the relevant tenancy period. This differs from the actual rental
and recognised equally over the relevant tenancy period. This differs from the actual rental
applicable
applicable during
during the
the relevant
relevant periods,
periods, as
as leases
leases may
may feature
feature rental
rental rate
rate escalations
escalations over
over the
the tenure
tenure
of
of the leases as well as rent-free periods. The actual historical monthly rental rates of the Industrial
the leases as well as rent-free periods. The actual historical monthly rental rates of the Industrial
Properties
Properties are
are as
as follow:
follow:
Industrial
Properties FYE
FYE 2020
2020 FYE
FYE 2021
2021 FYE 2022
FYE 2022
Average
Average actual
actual monthly
monthly rental
rental rate
rate (RM/
(RM/ sq
sq ft)
ft) 1.53
1.53 1.57
1.57 1.56
1.56
(3)
(3) Average
Average monthly
monthly NPI
NPI divided
divided by
by average
average monthly
monthly Occupied
Occupied NLA.
NLA.
13
13
13
INFORMATION
INFORMATION SUMMARY
SUMMARY (Cont’d)
(Cont’d)
Despite
Despite the
the COVID-19
COVID-19 outbreak,
outbreak, overall
overall occupancy
occupancy hashas been
been maintained
maintained at
at above
above 90%
90% for
for the
the
past
past 3 financial years, whilst NPI has overall seen moderate growth between FYE 2020 to FYE
3 financial years, whilst NPI has overall seen moderate growth between FYE 2020 to FYE
2022, due to
2022, due to progressive
progressive increase
increase in
in properties completed and
properties completed and available
available for
for tenancy
tenancy in
in the
the
portfolio from 28 Subject Properties in FYE 2020 to 33 Subject Properties in FYE 2022.
portfolio from 28 Subject Properties in FYE 2020 to 33 Subject Properties in FYE 2022. Plot 13 Plot 13
Dorm Indahpura was completed with CCC on 5 July 2022 and commenced tenancy
Dorm Indahpura was completed with CCC on 5 July 2022 and commenced tenancy on 15 July on 15 July
2022, which
2022, which falls
falls within
within the
the FYE
FYE 2023.
2023.
Please refer
Please refer to
to Section
Section 2.1.7
2.1.7 and
and Section
Section 4.4.5.2
4.4.5.2 of
of this
this Prospectus
Prospectus for
for the
the detailed
detailed breakdown
breakdown
of Occupancy Rate of the respective Industrial Properties and Section 4.4.5.4 of
of Occupancy Rate of the respective Industrial Properties and Section 4.4.5.4 of this
this Propectus
Propectus
for the
for the NPI
NPI of
of the
the Subject
Subject Properties.
Properties.
Out of
Out of the
the 27
27 existing
existing tenants
tenants of
of the
the Industrial
Industrial Properties,
Properties, 2222 have
have been
been tenants
tenants of
of the
the respective
respective
properties or units when they were first completed. 11 of the 27 existing tenants renewed
properties or units when they were first completed. 11 of the 27 existing tenants renewed their
their
tenancies
tenancies over
over the
the years
years upup to
to the
the LPD,
LPD, which
which demonstrates
demonstrates the the resiliency
resiliency of
of these
these properties
properties
and
and the
the ability
ability to
to retain
retain the
the tenants
tenants with
with increase
increase inin rental
rental rates
rates in
in tandem
tandem with
with market.
market. Further,
Further,
the
the Industrial Properties were built and/or fitted out to the requirements and specifications of
Industrial Properties were built and/or fitted out to the requirements and specifications of
the
the tenants,
tenants, which
which encourages
encourages tenant
tenant retention
retention and
and enhances
enhances resiliency.
resiliency.
(vi)
(vi) Visible
Visible and
and well-spread
well-spread tenancy
tenancy terms
terms providing
providing stable
stable cash
cash flows
flows
AME
AME REIT’s
REIT’s initial
initial portfolio
portfolio has
has visible
visible tenancy
tenancy terms
terms which
which will
will yield
yield stable
stable cash
cash flows.
flows. AsAs at
at
the LPD, 34 of the Subject Properties have secured tenancies, although tenancy for one
the LPD, 34 of the Subject Properties have secured tenancies, although tenancy for one Subject Subject
Property,
Property, Plot
Plot 13
13 Dorm
Dorm Indahpura
Indahpura commenced
commenced on on 15
15 July
July 2022
2022 which
which isis subsequent
subsequent to to the
the LPD.
LPD.
As
As at
at the
the LPD,
LPD, the
the tenanted
tenanted Industrial
Properties features
features a
a WALE
WALE of of 3.7
3.7 years
years based
based onon
Occupied
Occupied NLA, with 91.0% of Occupied NLA expiring beyond FYE 2023. The tenancy expiries
NLA, with 91.0% of Occupied NLA expiring beyond FYE 2023. The tenancy expiries
range
range from
from less
less than
than aa year
year and
and up
up toto approximately
approximately 11
11 years
years (expiring
(expiring in
in FYE
FYE 2034),
2034), with
with aa
maximum of 26.6% (in FYE 2024) of tenancies by Occupied NLA expiring in any year,
maximum of 26.6% (in FYE 2024) of tenancies by Occupied NLA expiring in any year, providing providing
stability
stability of
of cash
cash flows
flows and
and DPU
DPU in
in the
the medium
medium term.
term.
The
The chart
chart below
below sets
sets out
out the
the expiry
expiry profile
profile of
of subsisting
subsisting leases
leases of
of the
the Industrial
Industrial Properties,
Properties,
based on percentage of Occupied NLA.
based on percentage of Occupied NLA.
35.8%
35.8%
26.6%
26.6%
22.5%
22.5%
9.0%
9.0%
4.2%
4.2%
1.9%
1.9%
FYE
FYE 2023
2023 FYE
FYE 2024
2024 FYE
FYE 2025
2025 FYE
FYE 2026
2026 FYE
FYE 2029
2029 FYE
FYE 2032
2032
to
to to
to to
to
FYE 2028
FYE 2028 FYE 2031
FYE 2031 FYE 2034
FYE 2034
Number
Number ofof
tenancies
tenancies 3
3 11
11 1
1 11
11 5
5 1
1
expiring
expiring
Please
Please refer
refer to
to Section
Section 2.1.8
2.1.8 “Tenancy
“Tenancy Expiry
Expiry Profile”
Profile” of
of this
this Prospectus
Prospectus for
for further
further details.
details.
14
14
14
INFORMATION
INFORMATION SUMMARY
SUMMARY (Cont’d)
(Cont’d)
(vii)
(vii) Quality and
Quality and Diversified
Diversified Tenant
Tenant Base
Base
The Subject
The Subject Properties
Properties feature
feature a a quality
quality tenant
tenant base
base comprising
comprising 28 28 tenants
tenants from
from diverse
diverse
economic sectors and countries of origin, which significantly reduces concentration
economic sectors and countries of origin, which significantly reduces concentration risk. risk. As
As at
at
the LPD, the majority of the Industrial Properties (excluding the Dormitories) are occupied by
the LPD, the majority of the Industrial Properties (excluding the Dormitories) are occupied by
international
international tenants
tenants originating
originating from
from various
various countries,
countries, including
including many
many large
large and
and well
well known
known
MNCs
MNCs with such brand names as Lyreco Office Supplies (Malaysia) Sdn Bhd, Federal Express
with such brand names as Lyreco Office Supplies (Malaysia) Sdn Bhd, Federal Express
Services
Services (M)
(M) Sdn
Sdn Bhd
Bhd and
and DHL
DHL Express
Express (Malaysia)
(Malaysia) Sdn
Sdn Bhd.
Bhd. In
In total,
total, MNCs
MNCs occupy
occupy 90.5%
90.5% of
of
the total NLA of these properties leased out as at the
the total NLA of these properties leased out as at the LPD. LPD.
The demographic
The demographic profile
profile of
of the
the tenants
tenants of
of the
the Industrial
Properties (excluding
(excluding the
the Dormitories)
Dormitories)
as at the LPD by country of origin are set out below.
as at the LPD by country of origin are set out below.
Industrial
Industrial Properties'
Properties' Tenants'
Tenants' Country
Country of
of Origins
Origins -- (1)
Percentage of Occupied NLA (excluding Dormitories)
Percentage of Occupied NLA (excluding Dormitories)(1)
Japan
Japan Singapore Kuwait
Singapore Kuwait
3.4%
3.4% 2.9% 2.0% Germany
Italy 2.9% 2.0% Germany
Italy 17.6%
17.6%
3.6%
3.6%
Netherlands
Netherlands
4.2%
4.2%
Switzerland
Switzerland
6.2%
6.2%
United
United Kingdom
Kingdom
11.8%
11.8%
France
France
6.4%
6.4%
Denmark
Denmark
6.6%
6.6% Malaysia
Malaysia
9.5%
9.5%
China
China (Including
(Including
Hong
Hong Kong)
Kong) US
US
8.1%
8.1% 9.2%
Australia 9.2%
Australia
8.5%
8.5%
(The rest
(The rest of
of this
this page
page is
is intentionally
intentionally left
left blank)
blank)
15
15
15
Subject Properties' Tenants' Country of Origins -

Subject
by Properties'
Percentage of ProTenants' Country
Forma Gross of Origins
Rental Income -
by Percentage of Pro Forma Gross Rental
(including Dormitories) Income
(including
Japan
Dormitories)
Singapore Kuwait
Japan
2.4% Singapore
2.0% Kuwait
1.4%
Italy2.4% 2.0% 1.4%
Italy
Netherlands 2.5%
Netherlands
3.2% 2.5%
3.2%
Switzerland
Switzerland
3.3% Malaysia
3.3% Malaysia
34.1%(2)
France
France 34.1%(2)
4.6%
4.6%
Denmark
Denmark
5.3%
5.3%
US
US
5.3%
5.3%
China (Including
China
Hong(Including
Kong)
Hong Kong)
6.4% United Kingdom
6.4% United Kingdom
11.5%
11.5%
Australia
Australia
6.6% Germany
6.6% Germany
11.4%
11.4%
Notes:
Notes:
(1) NLA-based metrics for Dormitories are not applicable as the tenancies are on master lease
(1) NLA-based metrics
arrangements basedforonDormitories are notofapplicable
the total number beds and as
unitthe tenancies are on master lease
capacity.
arrangements based on the total number of beds and unit capacity.
(2) Of which 27.3% is contributed by a subsidiary of AME as the tenant of the Dormitories.
(2) Of which 27.3% is contributed by a subsidiary of AME as the tenant of the Dormitories.

16
16
16
INFORMATION
INFORMATION SUMMARY
SUMMARY (Cont’d)
(Cont’d)
The
The charts
charts below
below provide
provide a breakdown of
a breakdown of the
the different
different trade
trade sectors
sectors represented
represented in
in the
the portfolio
portfolio
by
by percentage
percentage of
of Occupied
Occupied NLA
NLA and
and percentage
percentage of of the
the Pro
Pro Forma
Forma Gross
Gross Rental
Rental Income.
Income.
Industrial
Industrial Properties'
Tenants' Trade
Trade Sectors
Sectors --
by
by Percentage of Occupied NLA (excluding Dormitories)
Percentage of Occupied NLA (excluding (1)
Dormitories)(1)
Family
Family
Others
Others Entertainment
Entertainment
5.5% 3.8%
3.8%
5.5%
Electrical
Electrical and
and
Plastic
Plastic products
products electronics
electronics
7.4%
7.4% 31.2%
31.2%
Food and
Food and
beverage products
beverage products
8.0%
8.0%
Medical devices
Medical devices
8.5%
8.5%
Logistic // E-
Logistic E-
Industrial products
products Commerce
Commerce
Industrial 13.3%
9.7%
9.7% 13.3%
Packaging
Packaging
products
products
12.6%
12.6%
Note:
Note:
(1)
(1) NLA-based
NLA-based metrics for Dormitories
metrics for Dormitories are
are not
not applicable
applicable as
as the
the tenancies
tenancies are
are on
on master
master lease
lease
Subject
Subject Properties'
Tenants' Trade
Trade Sectors
Sectors --
by Percentage of Pro Forma Gross Rental Income
by Percentage of Pro Forma Gross Rental Income
(including Dormitories)
(including Dormitories)
Family Family
Others
Others Entertainment
Entertainment
Food and
and 4.0%
4.0% 3.2%
Food 3.2%
beverage products
beverage products
4.7%
4.7%
Dormitories
Dormitories
Plastic products
Plastic products 27.3%
5.5% 27.3%
5.5%
Medical
Medical devices
devices
6.5%
6.5%
Industrial
Industrial products
products
7.0%
7.0%
Logistics Electrical
Electrical and
Logistics // E-
E- and
electronics
Commerce
Commerce electronics
8.6% 24.3%
24.3%
8.6%
Packaging
Packaging
products
products
8.9%
8.9%
17
17
17
INFORMATION
INFORMATION SUMMARY
SUMMARY (Cont’d)
(Cont’d)
(viii)
(viii) Synergistic Relationship
Synergistic Relationship with
with Sponsor
Sponsor Offers
Offers Unique
Unique Growth
Growth Potential
Potential
AME Group
AME Group has
has been
been actively
actively expanding
expanding its
its landbank
landbank to
to launch
launch more
more industrial
industrial property
property
development projects.
development projects.
On
On 30
30 December
December 2020,
2020, AME
AME Group
Group entered
entered into
into 2
2 conditional
conditional sales
sales and
and purchase
purchase agreements
agreements
to acquire a total of 72 plots of freehold industrial land measuring 169.8 acres
to acquire a total of 72 plots of freehold industrial land measuring 169.8 acres in in total
total in
in SILC
SILC to
to
be developed into AME Group’s fourth managed industrial park, i-TechValley in SILC, for which
be developed into AME Group’s fourth managed industrial park, i-TechValley in SILC, for which
conditions precedent
conditions precedent have
have been
been fulfilled
fulfilled for
for the
the acquisition
acquisition of
of 57
57 plots
plots out
out of
of the
the total
total 72
72 plots
plots
as at the LPD. AME Group soft-launched i-TechValley in SILC in
as at the LPD. AME Group soft-launched i-TechValley in SILC in March 2022. March 2022.
Further,
Further, AME
AME Group
Group isis also
also seeking
seeking opportunities
opportunities to
to develop
develop industrial
industrial parks
parks in
in the
the central
central and
and
northern
northern regions of Peninsular Malaysia, with the intention of replicating the managed industrial
regions of Peninsular Malaysia, with the intention of replicating the managed industrial
parks
parks concept.
concept. The
The development
development of
of industrial
industrial parks
parks in
in these
these targeted
targeted areas
areas will
will see
see AME
AME REIT’s
REIT’s
potential pipeline of acquisition opportunities expand beyond the state of
potential pipeline of acquisition opportunities expand beyond the state of Johor.Johor.
As
As aa demonstration
demonstration of of its
its commitment
commitment and and support
support towards
towards the
the growth
growth ofof AME
AME REIT,
REIT, the
the
Sponsor, together with its subsidiary, Ipark Development (collectively, “the Grantors”)
Sponsor, together with its subsidiary, Ipark Development (collectively, “the Grantors”) have have
granted
granted a a right
right of
of first
first refusal
refusal which
which will
will be
be effective
effective for
for a
a period
period ofof 5
5 years
years from
from the
the date
date of
of
Listing, for AME REIT to acquire:
Listing, for AME REIT to acquire:
(i)
(i) any
any industrial
industrial property
property and
and dormitory
dormitory with
with leasing
leasing or
or tenancy
tenancy arrangement
arrangement (“Relevant
(“Relevant
Asset”)
Asset”) which the Grantors or the wholly-owned subsidiaries of the
which the Grantors or the wholly-owned subsidiaries of the Sponsor
Sponsor intend
intend to
to
dispose
dispose (excluding disposal to existing tenant of the Relevant Asset, or transfer between
(excluding disposal to existing tenant of the Relevant Asset, or transfer between
AME
AME Group
Group companies);
companies); and
and
(ii)
(ii) any
any Relevant
Relevant Asset
Asset which
which may
may in
in future
future be
be identified
identified and
and targeted
targeted for
for acquisition
acquisition by
by the
the
Grantors and/or the wholly-owned subsidiaries of the Sponsor.
Grantors and/or the wholly-owned subsidiaries of the Sponsor.
In
In addition,
addition, as
as part
part of
of an
an integrated
integrated industrial
industrial property
property construction
construction and
and development
development group,
group,
AME
AME REIT has the opportunity to tap on the know-how of AME Group for,
REIT has the opportunity to tap on the know-how of AME Group for, among
among others,
others,
customisation
customisation and
and asset
asset enhancement
enhancement initiatives,
initiatives, entrenched
entrenched tenant
tenant relationships
relationships and
and value
value
creation through asset development or re-development.
creation through asset development or re-development.
(ix)
(ix) Spearheaded
Spearheaded by
by a
a CEO
CEO with
with Proven
Proven REIT
REIT Credentials
Credentials
The
The Sponsor
Sponsor hashas appointed
appointed Chan
Chan Wai
Wai Leo
Leo asas the
the CEO
CEO ofof the
the Manager.
Manager. MrMr Chan
Chan has
has
approximately
approximately 16 years of experience involving industrial properties, and over 14 years
16 years of experience involving industrial properties, and over 14 years of
of
experience
experience in
in the
the management
management of of REITs,
REITs, through
through Axis
Axis REIT
REIT Managers
Managers Berhad,
Berhad, the
the manager
manager of
of
Axis
Axis REIT,
REIT, a
a listed
listed REIT
REIT with
with investments
investments inin industrial
industrial and
and office
office properties,
properties, and
and Alpha
Alpha REIT
REIT
Managers Sdn Bhd (which he co-founded), the manager of Alpha
Managers Sdn Bhd (which he co-founded), the manager of Alpha REIT. REIT.
He
He has
has held
held various
various positions
positions such
such asas Head
Head of
of Business
Business Development
Development & & Investor
Investor Relations
Relations and
and
Head
Head of
of Originations
Originations and
and Investments
Investments in in Axis
Axis REIT
REIT Managers
Managers Berhad,
Berhad, and
and was
was aa director
director of
of
Alpha
Alpha REIT
REIT Managers
Managers SdnSdn Bhd.
Bhd. His
His experience
experience included
included the
the evaluation
evaluation and
and acquisition
acquisition of
of
investment
investment properties,
properties, investor
investor relations,
relations, equity
equity fund-raising
fund-raising exercises,
exercises, developing
developing strategic
strategic tie-
tie-
ups and developing asset pipeline for the REITs.
ups and developing asset pipeline for the REITs.
From
From January
January 2016
2016 to
to September
September 2020,
2020, he
he was
was the
the Chief
Chief Operating
Operating Officer,
Officer, and
and subsequently
subsequently
in
in October 2020 was promoted to the CEO of AREA Management Sdn Bhd, which
October 2020 was promoted to the CEO of AREA Management Sdn Bhd, which is is involved
involved
in the provision of business consultancy services to its related companies, until his
in the provision of business consultancy services to its related companies, until his resignationresignation
in
in October
October 2021.
2021. His
His responsibilities
responsibilities include
include identifying
identifying and
and negotiating
negotiating potential
potential purposed
purposed built
built
facilities
facilities for clients, delivering property development projects from concept and development
for clients, delivering property development projects from concept and development
stage
stage to to completion
completion andand operations.
operations. He
He also
also oversaw
oversaw the
the capital
capital management
management of of the
the project
project
companies, leasing of the investment properties and investor
companies, leasing of the investment properties and investor relations. relations.
The
The CEO
CEO of of the
the Manager
Manager is is mandated
mandated to
to expand
expand AME
AME REIT’s
REIT’s portfolio
portfolio beyond
beyond the
the state
state of
of
Johor, with particular focus on the central and northern regions of Peninsular Malaysia.
Johor, with particular focus on the central and northern regions of Peninsular Malaysia.
18
18
18
(x) Experienced Directors and Key Personnel with Core Expertise

(x) Experienced Directors and Key Personnel with Core Expertise
The CEO of the Manager is supported by executive members of the Board and key personnel
The CEO of the Manager is supported by executive members of the Board and key personnel
who have extensive experience in the development and management of industrial and
who have extensive experience in the development and management of industrial and
industrial-related real estate through their involvement in AME Group, including the Subject
industrial-related real estate through their involvement in AME Group, including the Subject
Properties.
Properties.
Lee Sai Boon, the Chairman/Executive Director and Lee Chai, an Executive Director, together
Lee Sai Boon, the Chairman/Executive Director and Lee Chai, an Executive Director, together
with their Alternate Directors, Lim Yook Kim and Kang Ah Chee, respectively, founded the AME
with their Alternate Directors, Lim Yook Kim and Kang Ah Chee, respectively, founded the AME
Group in 1995 and remain as Executive Directors in AME to date.
Group in 1995 and remain as Executive Directors in AME to date.
Throughout their tenure in AME Group, both Lee Sai Boon and Lee Chai have been the key
Throughout their tenure in AME Group, both Lee Sai Boon and Lee Chai have been the key
drivers behind AME Group’s accomplishments in the design and construction of customised
drivers behind AME Group’s accomplishments in the design and construction of customised
large manufacturing plants and other industrial buildings for multinational and local enterprises.
large manufacturing plants and other industrial buildings for multinational and local enterprises.
They are also instrumental in the development of industrial parks undertaken by AME Group
They are also instrumental in the development of industrial parks undertaken by AME Group
namely i-Park @ SILC, i-Park @ Indahpura, i-Park @ SAC and i-TechValley in SILC. Lee Sai
namely i-Park @ SILC, i-Park @ Indahpura, i-Park @ SAC and i-TechValley in SILC. Lee Sai
Boon has vast experience in the workers’ dormitories business, sourcing of prospective tenants
Boon has vast experience in the workers’ dormitories business, sourcing of prospective tenants
and the formulation of leasing strategies whilst Lee Chai has considerable experience in
and the formulation of leasing strategies whilst Lee Chai has considerable experience in
overseeing of property investment including the successful leasing and tenanting of industrial
overseeing of property investment including the successful leasing and tenanting of industrial
properties, as well as the rental and management of workers’ dormitories. Lim Yook Kim and
properties, as well as the rental and management of workers’ dormitories. Lim Yook Kim and
Kang Ah Chee are responsible for the on-site operations and activities carried out by the
Kang Ah Chee are responsible for the on-site operations and activities carried out by the
construction and engineering division.
construction and engineering division.
The experience of these directors, coupled with AME Group’s capabilities, is an advantage for
The experience of these directors, coupled with AME Group’s capabilities, is an advantage for
AME REIT, as the Manager will be able to tap on AME Group’s expertise to customise and/or
AME REIT, as the Manager will be able to tap on AME Group’s expertise to customise and/or
fit-out properties in accordance with potential tenants’ requirements.
fit-out properties in accordance with potential tenants’ requirements.
Lim Pei Shi, the Alternate Director to Chan Wai Leo has been the Marketing Director of AME
Lim Pei Shi, the Alternate Director to Chan Wai Leo has been the Marketing Director of AME
Development since 2013, and was promoted to Alternate Director to Lim Yook Kim in AME in
Development since 2013, and was promoted to Alternate Director to Lim Yook Kim in AME in
2018. She has a vast experience in the property development operations including oversee of
2018. She has a vast experience in the property development operations including oversee of
all stages of industrial park development, starting from feasibility study, land banking,
all stages of industrial park development, starting from feasibility study, land banking,
conceptual planning, sales and marketing to management and operation of industrial park. She
conceptual planning, sales and marketing to management and operation of industrial park. She
is also involved in the leasing and management of industrial properties of the Sponsor. Upon
is also involved in the leasing and management of industrial properties of the Sponsor. Upon
listing, she will no longer oversee the 34 Subject Properties to be transferred into AME REIT.
listing, she will no longer oversee the 34 Subject Properties to be transferred into AME REIT.
Lee Ling Sien is the Operations Manager. She was the Marketing Manager in AME
Lee Ling Sien is the Operations Manager. She was the Marketing Manager in AME
Development, and was involved in the sales and marketing functions as well as branding and
Development, and was involved in the sales and marketing functions as well as branding and
promotional activities of the property development division of AME Group. She was actively
promotional activities of the property development division of AME Group. She was actively
involved in the customer relationship management and tenant management for the tenanted
involved in the customer relationship management and tenant management for the tenanted
properties of AME Group. In May 2020, she was appointed as an Alternate Director to Lee Chai
properties of AME Group. In May 2020, she was appointed as an Alternate Director to Lee Chai
on the board of the Sponsor. Following her transfer as Operations Manager in the Manager on
on the board of the Sponsor. Following her transfer as Operations Manager in the Manager on
1 May 2022, she will be responsible for the leasing and management of the 34 Subject
1 May 2022, she will be responsible for the leasing and management of the 34 Subject
Properties in AME REIT.
Properties in AME REIT.
Liow Jing Hong, the Finance Manager, had been with AME Construction Sdn Bhd since 2019
Liow Jing Hong, the Finance Manager, had been with AME Construction Sdn Bhd since 2019
and had been involved in the initial public offering and due diligence exercises of AME and was
and had been involved in the initial public offering and due diligence exercises of AME and was
responsible for various roles and group matters including the group accounts and consolidation,
responsible for various roles and group matters including the group accounts and consolidation,
financial planning and reporting, corporate finance and governance, compliance and risk
financial planning and reporting, corporate finance and governance, compliance and risk
management, as well as investor relations. Following his transfer as Finance Manager in the
management, as well as investor relations. Following his transfer as Finance Manager in the
Manager on 1 May 2022, he is responsible for overseeing overall accounting and financial
Manager on 1 May 2022, he is responsible for overseeing overall accounting and financial
matters of the Manager and AME REIT as well as investments and investor relations of AME
matters of the Manager and AME REIT as well as investments and investor relations of AME
REIT.
REIT.
19
19
19
INFORMATION
INFORMATION SUMMARY
SUMMARY (Cont’d)
(Cont’d)
(xi)
(xi) Conservative gearing
Conservative gearing level
level with
with ample
ample debt
debt headroom
headroom
Upon
Upon Listing,
Listing, AME
AME REIT
REIT will
will have
have total
total indebtedness
indebtedness of of RM46.5
RM46.5 million,
million, representing
representing
approximately 8.1% of the estimated Total Asset Value of RM574.5
approximately 8.1% of the estimated Total Asset Value of RM574.5 million based million based on on AME
AME
REIT’s Pro Forma Statement of Financial Position.
REIT’s Pro Forma Statement of Financial Position. This This is
is below the average debt-to-asset ratio
below the average debt-to-asset ratio
of listed Malaysian REITs of approximately 38.7% (1), based on the latest available audited
of listed Malaysian REITs of approximately 38.7% , based on the latest available audited
(1)
statements
statements of of financial
financial position
position of
of the
the REITs
REITs as
as at
at the
the LPD.
LPD. The
The debt-to-asset
debt-to-asset ratio
ratio is
is also
also
significantly
significantly below the prescribed limit under the REIT Guidelines of 50.0% of the total asset
below the prescribed limit under the REIT Guidelines of 50.0% of the total asset
value
value ofof a
a REIT,
REIT, providing
providing AME
AME REITREIT with
with ample
ample debt
debt headroom
headroom of of up
up toto approximately
approximately
RM240.8 million.
RM240.8 million.
Note:
Note:
(1)
(1) Average
Average debt-to-asset
debt-to-asset ratio
ratio of
of listed
listed Malaysian
Malaysian REITs
REITs based
based on
on the
the latest
latest publicly
publicly
available
available audited financial statements, excluding KLCC Stapled Group (as itit is
audited financial statements, excluding KLCC Stapled Group (as is a
a stapled
stapled
security
security comprising
comprising KLCC
KLCC REIT
REIT and
and KLCCP).
KLCCP).
(F)
(F) IMPACT
IMPACT OF
OF COVID-19
COVID-19
In
In 2020,
2020, there
there was
was an
an outbreak
outbreak of
of the
the infectious
infectious disease
disease known
known as
as COVID-19
COVID-19 which
which has
has led
led to
to
an unprecedented challenge to public health in Malaysia and globally. The World
an unprecedented challenge to public health in Malaysia and globally. The World Health Health
Organisation
Organisation recognised
recognised COVID-19
COVID-19 as
as a a “Public
“Public Health
Health Emergency
Emergency of
of International
International Concern”
Concern”
on
on 30 January 2020 and subsequently classified it as a “pandemic” on 11 March
30 January 2020 and subsequently classified it as a “pandemic” on 11 March 2020.
2020.
To
To control
control thethe spread
spread of of COVID-19,
COVID-19, the the Government
Government ordered
ordered allall government
government and and private
private
premises
premises to close with the imposition of a Movement Control Order pursuant to the Prevention
to close with the imposition of a Movement Control Order pursuant to the Prevention
and
and Control
Control of of Infectious
Infectious Diseases
Diseases (Measures
(Measures within
within the
the Infected
Infected Local
Local Areas)
Areas) Regulations
Regulations
2020
2020 with effect from 18 March 2020 to 3 May 2020, from 13 January 2021 to 18
with effect from 18 March 2020 to 3 May 2020, from 13 January 2021 to 18 February
February 20212021
and
and from
from 12 12 May
May 2021
2021 toto 7 7 June
June 2021.
2021. The
The Prime
Prime Minister
Minister further
further announced
announced a a nationwide
nationwide
“total
“total lockdown”
lockdown” on on 28
28 May
May 20212021 that
that was
was imposed
imposed on on all
all social
social and
and economic
economic sectors
sectors in
in
Malaysia
Malaysia effective from 1 June 2021 and then further extended indefinitely until average daily
effective from 1 June 2021 and then further extended indefinitely until average daily
cases
cases fall
fall below
below 4,000.
4,000. OnOn 15 15 June
June 2021,
2021, the
the Government
Government introduced
introduced a a 4-phase
4-phase national
national
recovery
recovery plan where different degrees of travel restrictions and restrictions in the
plan where different degrees of travel restrictions and restrictions in the operation
operation ofof
various
various economic
economic sectors
sectors are are implemented
implemented in in each
each phase
phase ofof the
the national
national recovery
recovery plan.
plan.
Operations
Operations of of tenants
tenants ofof the
the Subject
Subject Properties
Properties were
were allowed
allowed to to fully
fully resume
resume on on 2525 October
October
2021
2021 when Johor moved into Phase 4 of the National Recovery Plan. With the improving
when Johor moved into Phase 4 of the National Recovery Plan. With the improving
COVID-19
COVID-19 situtation
situtation in
in the
the country,
country, Malaysia
Malaysia transitioned
transitioned into
into the
the endemic
endemic stage
stage onon 11 April
April 2022
2022
and all economic sectors were allowed to open
and all economic sectors were allowed to open on 15 May 2022.on 15 May 2022.
The
The economic
economic and
and social
social disruption
disruption caused
caused by
by the
the pandemic
pandemic has
has impacted
impacted companies
companies in
in
various
various industries. However, as at the LPD,
industries. However, as at the LPD, there
there were
were no adverse effects on
no adverse effects on the
the tenancies
tenancies of
of
the
the Subject
Subject Properties
Properties as:
as:
(i)
(i) the
the rental
rental of
of the
the Subject
Subject Properties
Properties to
to existing
existing tenants
tenants have
have continued
continued without
without disruption;
disruption;
(ii)
(ii) There
There was
was no
no rental
rental reduction
reduction granted
granted for
for any
any of
of the
the Subject
Subject Properties;
Properties;
(iii)
(iii) while
while there
there were
were 33 early
early termination
termination ofof tenancies
tenancies during
during the
the period
period after
after March
March 2020
2020 up
up
to
to the LPD, 1 early termination of tenancy was due to the tenant moving to another
the LPD, 1 early termination of tenancy was due to the tenant moving to another
Industrial
Industrial Property
Property to
to cater
cater for
for their
their business
business expansion.
expansion. The
The vacancy
vacancy was
was replaced
replaced with
with
a
a new tenancy with 13 days void period. The remaining 2 early termination were replaced
new tenancy with 13 days void period. The remaining 2 early termination were replaced
with
with new
new tenancies
tenancies with
with only
only 1
1 day
day void
void period
period recorded
recorded for
for 1
1 property;
property;
(iv)
(iv) there
there were
were 9
9 new
new tenancies
tenancies secured
secured from
from third
third party
party tenants
tenants (not
(not including
including II Stay’s
Stay’s rental
rental
of a Dormitory) after March 2020 up to the LPD; and
of a Dormitory) after March 2020 up to the LPD; and
(v)
(v) there
there were
were 7
7 tenancy
tenancy renewals
renewals secured
secured after
after March
March 2020
2020 up
up to
to the
the LPD.
LPD.
20
20
20
INFORMATION
INFORMATION SUMMARY
SUMMARY (Cont’d)
(Cont’d)
In
In order
order toto ease
ease the
the burden
burden of
of some
some tenants,
tenants, the
the deferment
deferment of
of payment
payment of
of rentals
rentals was
was granted
granted
and fully settled within the agreed period as follows:
and fully settled within the agreed period as follows:
No.
No. of
of Subject
Subject No.
No. of
of Status
Status as
as at
at
No.
No. Properties
Properties tenants
tenants Rental
Rental Period
Period Deferment
Deferment Period
Period 30
30 June 2022
June 2022
1.
1. 7
7 5
5 April/May 2020
April/May 2020 3
3 months
months Fully
Fully paid
paid
2.
2. 4
4 3
3 April and
April May 2020
and May 2020 2
2 to
to 6
6 months
months Fully
Fully paid
paid
July
July to
to first
first half
half
3.
3. 1
1 1
1 4
4 months
months Fully
Fully paid
paid
September
September 20212021
November
November and
and
4.
4. 1
1 1
1 1
1 to
to 2
2 months
months Fully
Fully paid
paid
December
December 2021
2021
5.
5. 1
1 1
1 April
April and
and May
May 2022
2022 1
1 to
to 2
2 months
months Fully
Fully paid
paid
As
As at
at 8
8 August 2022, there
August 2022, there are
are no
no more
more deferred
deferred rental
rental arrangements
arrangements except
except for
for one
one remaining
remaining
property
property for which rental deferment has been granted from February to August 2022. The tenant
for which rental deferment has been granted from February to August 2022. The tenant
has settled
has settled 33 months’
months’ rentals
rentals for
for February
February to
to April
April 2022,
2022, with
with the
the remaining
remaining 4 4 months
months
outstanding.
outstanding.
Apart from
Apart from the
the above
above deferment
deferment of
of rentals,
rentals, there
there were
were no
no rebates
rebates granted
granted nor
nor any
any requests
requests
made for early termination of tenancies arising from the COVID-19 pandemic, and
made for early termination of tenancies arising from the COVID-19 pandemic, and all of all of the
the
tenants have continued to honour their respective rental payment obligations.
tenants have continued to honour their respective rental payment obligations.
(G)
(G) SUSTAINABILITY
SUSTAINABILITY
The Manager
The Manager acknowledges
acknowledges the the importance
importance ofof ESG
ESG impact
impact when
when developing
developing business
business
strategies of AME REIT. As such, the Manager and its Board is committed to adhere
strategies of AME REIT. As such, the Manager and its Board is committed to adhere to to good
good
sustainability practices as further described in Section 6.15 of this Prospectus.
(H)
(H) PRINCIPAL STATISTICS
PRINCIPAL STATISTICS RELATING
RELATING TO
TO THE
THE OFFERING
OFFERING
Offering
Offering :: 254,800,000
254,800,000 Offer
Offer Units
Units offered
offered under
under the
the Retail
Retail Offering
Offering and
and
Institutional Offering
::
Retail
Retail Offering
Offering The
The Retail
Retail Offering
Offering of
of up
up to
to 174,808,820
174,808,820 Offer
Offer Units,
Units, subject
subject
to
to the Clawback and Reallocation provisions, consists of
the Clawback and Reallocation provisions, consists of the
the
following:
following:
(i)
(i) up to
up to 156,608,820
156,608,820 ROFS
ROFS Units
Units toto the
the Entitled
Entitled AME
AME
Shareholders on the basis of 1 ROFS Unit for every
Shareholders on the basis of 1 ROFS Unit for every 5 5
AME Shares on the Entitlement Date;
AME Shares on the Entitlement Date;
(ii)
(ii) 7,800,000 Offer
7,800,000 Offer Units
Units to
to the
the Eligible
Eligible Directors
Directors and
and
Employees; and
Employees; and
(iii)
(iii) 10,400,000
10,400,000 Offer
Offer Units
Units for
for application
application by
by the
the Malaysian
Malaysian
Public
Public of which 5,200,000 Units
of which 5,200,000 Units are
are reserved
reserved for
for
application
application by
by the
the Bumiputera
Bumiputera public.
public.
The
The ROFS
ROFS is is non-renounceable
non-renounceable andand thethe ROFS
ROFS Units
Units
provisionally
provisionally offered to Entitled AME Shareholders are
offered to Entitled AME Shareholders are non-
non-
tradeable
tradeable and non-transferable. The
and non-transferable. The ROFS
ROFS will
will not
not be
be
underwritten.
underwritten. Excess ROFS Units
Excess ROFS Units will
will be
be made
made available
available to
to
other Entitled AME Shareholders under the Excess
other Entitled AME Shareholders under the Excess ROFS ROFS
Applications.
Applications.
21
21
21
INFORMATION
INFORMATION SUMMARY
SUMMARY (Cont’d)
(Cont’d)
Please
Please refer
refer to
to Section
Section 3.5
3.5 “Irrevocable
“Irrevocable Undertakings”
Undertakings” of
of this
this
Prospectus
Prospectus for details of irrevocable written undertakings from
for details of irrevocable written undertakings from
the
the substantial
substantial shareholders
shareholders of of the
the Sponsor
Sponsor to
to subscribe
subscribe
and/or
and/or cause to subscribe for their respective entitlements for
cause to subscribe for their respective entitlements for
the
the ROFS
ROFS asas indicated
indicated in
in that
that section.
section.
Institutional
Offering :: At
At least
least 79,991,180
79,991,180 Offer
Offer Units,
Units, subject
subject to
to Clawback
Clawback andand
Reallocation,
Reallocation, byby way
way of
of placement
placement at
at the Institutional Price
the Institutional Price to
to
the following:
the following:
(i)
(i) 65,000,000 Offer
65,000,000 Offer Units
Units to
to Bumiputera
Bumiputera investors
investors approved
approved
by MITI; and
by MITI; and
(ii)
(ii) At least
At least 14,991,180
14,991,180 Offer
Offer Units
Units to
to Malaysian
Malaysian institutional
institutional
investors and selected investors.
investors and selected investors.
Institutional Price
Institutional Price ::
The price
The price per
per Offer
Offer Unit
Unit payable
payable byby the
the institutional
institutional investors
investors
on
on the
the Price
Price Determination
Determination Date
Date by
by way
way of
of a a bookbuilding
bookbuilding
exercise.
exercise.
Retail
Retail Price
Price :: The
The Retail
Retail Price
Price of
of RM1.15
RM1.15 per
per Offer
Offer Unit
Unit was
was determined
determined and
and
agreed upon by the Manager, the Sponsor and
agreed upon by the Manager, the Sponsor and Selling
Selling
Subsidiaries in consultation
Subsidiaries in consultation with
with the
the Principal
Principal Adviser,
Adviser, Joint
Joint
Bookrunners and the Sole Underwriter after taking into
Bookrunners and the Sole Underwriter after taking into
consideration
consideration the
the following
following factors:
factors:
(i)
(i) the financial
the financial history
history and
and condition
condition of
of the
the Subject
Subject
Properties;
Properties;
(ii)
(ii) the
the pro
pro forma
forma NAV
NAV per
per Unit
Unit upon
upon Listing
Listing of
of approximately
approximately
RM 0.99;
RM 0.99;
(iii)
(iii) the
the forecast
forecast distribution
distribution yields
yields of
of AME
AME REIT;
REIT;
(iv)
(iv) the future prospects of AME REIT;
the future prospects of AME REIT; and and
(v)
(v) the
the prevailing
prevailing capital
capital and
and property
property market
market conditions
conditions and
and
sentiments.
sentiments.
The
The Final
Final Retail
Retail Price
Price will
will be
be determined
determined after
after the
the Institutional
Institutional
Price
Price is fixed on the Price Determination Date and will
is fixed on the Price Determination Date and will be
be equal
equal
to the lower of:
to the lower of:
(i)
(i) the Retail
the Retail Price
Price of
of RM1.15
RM1.15 per
per Offer
Offer unit;
unit; or
or
(ii)
(ii) the Institutional Price,
the Institutional Price,
subject to
subject to rounding
rounding to
to the
the nearest
nearest sen.
sen.
Applicants should
Applicants should also
also note
note that
that the
the market
market price
price of
of the
the Units
Units
upon Listing is subject to the vagaries of market forces
upon Listing is subject to the vagaries of market forces and and
other uncertainties which may affect the price of the Units.
other uncertainties which may affect the price of the Units.
Expected gross
Expected gross proceeds
proceeds :: As
As AME
AME REIT
REIT will
will not
not be
be issuing
issuing any
any new
new Units
Units under
under the
the
Offering,
Offering, AME REIT will not receive any cash from the Offering.
AME REIT will not receive any cash from the Offering.
22
22
22
Utilisation of Proceeds : Estimated Listing expenses of approximately RM5.0 million to

Utilisation of Proceeds : Estimated
be incurredListing
will beexpenses of approximately
funded through RM5.0 million
internally generated to
funds
beAME
of incurred
REITwill be the
from funded through
Subject internally
Properties generated
and/or funds
the Financing
of AME REIT
Facilities from the
obtained by Subject
AME REIT. Properties and/or thewill
The expenses Financing
be fully
Facilities
settled obtained
within by AME
1 month REIT.
from the The The
Listing. expenses will beoffully
breakdown the
settled within
estimated 1 month
expenses in from theto
relation Listing. The breakdown
the Listing is as follows:of the
estimated expenses in relation to the Listing is as follows:
Estimated Listing expenses (RM ’000)
Estimated Listing expenses (RM ’000)
Professional and advisory fees 3,000
Professional and advisory fees 3,000
Regulatory fees 630
Regulatory fees 630
Printing, investor relations and other related 1,370
Printing,
expenses investor relations and other related 1,370
expenses
Total 5,000
Total 5,000
Please refer to Section 3.10 “Utilisation of Proceeds” of this
Please referfor
Prospectus tofurther
Section 3.10 “Utilisation of Proceeds” of this
details.
Prospectus for further details.
(The rest of the page is intentionally left blank)

23
23
23
INFORMATION
INFORMATION SUMMARY
SUMMARY (Cont’d)
INFORMATION
INFORMATION SUMMARY (Cont’d) (Cont’d)
INFORMATION SUMMARYSUMMARY (Cont’d) (Cont’d)
INFORMATION
(I) FINANCIAL SUMMARY
HIGHLIGHTS (Cont’d)
(I)
(I) FINANCIAL
FINANCIAL HIGHLIGHTS
HIGHLIGHTS
(I)
(I) FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
(I) FINANCIAL
AME REIT’sHIGHLIGHTS
Pro Forma Statement of Financial Position as at the date of establishment
(I) FINANCIAL
AME REIT’s HIGHLIGHTS
AME
of
AME AME REITPro
REIT’s
REIT’s Pro
Pro
Forma
Forma
Forma
Statement
Statement
Statement
of
of
of
Financial
Financial
Financial
Position
Position
Position
as
as
as
at
at
at
the
the
the
date
date
date
of
of
of
establishment
establishment
establishment
AME
of
AME
of AME
AME REIT’s
REIT
REIT’s
REIT Pro Forma
Pro Forma Statement
Statement of of Financial
Financial Position
Position as
as at
at the
the date
date ofof establishment
establishment
of
AME
of AME
AME REIT
REIT’s
REIT Pro Forma Statement of Financial Position as at the date of establishment
of
The AME REIT is an extract from Section 4.2 “Pro Forma Statement of Financial Position” of this
following
of
The AME REIT is an extract from Section 4.2 “Pro Forma Statement of Financial Position” of this
following
The following
Prospectus.
The following is
is an
an extract
extract from
from Section
Section 4.2
4.2 “Pro
“Pro Forma
Forma Statement
Statement of
of Financial
Financial Position”
Position” of
of this
this
The following is
Prospectus.
The following
Prospectus. is an
an extract
extract from
from Section
Section 4.2
4.2 “Pro
“Pro Forma
Forma Statement
Statement of of Financial
Position” ofof this
this
Prospectus.
The following
Prospectus. is an extract from Section 4.2 “Pro Forma Statement of Financial Position” of this
Prospectus.
As at the date of its establishment, AME REIT did not have any assets and liabilities. The
Prospectus.
As at thetable
date of its establishment, AME REIT did not have Position
any assets and liabilities.
As at
at the
following
As date of
of its
date presents
thetable its establishment,
the Pro Forma
establishment, AME
AME REIT
REIT did
Statement not
not have
of Financial
did any
any assets
have Position and
of AME
assets and REIT as atThe
liabilities.
liabilities. The
the
The
As at
following
As at
following the
the date
date
table of
of its
presents
its
presents establishment,
the Pro Forma
establishment,
the Pro Forma AME
AME REIT
Statement
REIT
Statement did
of
did
of not
not have
Financial
have
Financial any
any assets
of
assets
Position of and
AME
and
AME liabilities.
REIT as
liabilities.
REIT as at
atThe
the
The
the
date
As of
following establishment,
table presents
at oftheestablishment,
date presents prepared
the Pro
of its establishment, for
Forma illustrative
AMEStatement purposes
REIT didof only,
Financial
not have to
Position show
anytoassets of the
AME
and effects
REIT as of
liabilities.at the
following
date
following
date of table
table presents
establishment, the
the Pro Forma
prepared
Pro
prepared Forma
for
for Statement
illustrative
Statement
illustrative of Financial
of Financial
purposes
purposes Position
only,
Position
only, to of AME
show
of
show AME
the
the REIT
effects
REIT
effects as atThe
as of
of
at the
the
Acquisitions
date of
following tablebased
establishment,
presents on the
the assumption
prepared for
Pro Forma that such
illustrative
Statement events
purposes
ofevents had
only,
Financial been
to
Position effected
show the
of AME on the
effects
REIT date
of
at the
asdate of
date
date of
Acquisitions establishment,
based
of establishment,
Acquisitions based on
on prepared
the
prepared
the for
assumption illustrative
for not
assumption that such
illustrative
that such purposes
purposes
events only,
had to
been
only,been
had show
to show the
effected
the
effected effects
on the
effects
on the of
ofAME
date the
of
the
of
establishment
Acquisitions
date of establishment,of
based AME on REIT
the and
prepared are
assumption
for not represented
that such
illustrative as
events
purposes being
had necessarily
been
only,been effected
to show indicative
the on the
effects of
date
ofAME of
the
Acquisitions
establishment
Acquisitions
establishment based
of
based
of AME
AME on
on the
REIT
the
REIT assumption
and are
assumption
and are not that
that such
represented
such
representedevents
as
events
as had
being
had
being been effected
necessarily
effected
necessarily on
on the
indicative
the
indicative date
of
date
of AME of
of
REIT’s view
establishment
Acquisitions of its
of
based future
AME on financial
REIT
the and position.
are
assumption not represented
that such as
events being
had necessarily
been effected indicative
on the of AME
date of
establishment
REIT’s view
establishment
REIT’s view of
of of
its
of
its AME
future
AME
future REIT and
financial
REIT are not
position.
and position.
financial represented as being necessarily indicative
are not represented as being necessarily indicative of AME of AME
REIT’s
REIT’s viewview
establishment
view ofof its
of
of its future
AME
its future financial
REIT
future financial and position.
are not
financial position.
position. represented as being necessarily indicative of AME
REIT’s
The ProviewForma Statement of Financial Position of AME REIT should be read in conjunction with
REIT’s
The Pro Formaof its future financial
Statement of position.
Financial Position of AME REIT should be read in conjunction with
The
the
The Pro
Pro Forma
“Reporting
Forma Statement
Accountants’
Statement of
of Financial
Report on
Financial Position of
the Pro Forma
Position of AME
AME REIT should
Statement
REIT be read
of Financial
should be read in conjunction
Position”
in with
included
conjunction with
The
the
The
the Pro
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Report on
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Report on Position
the Pro
Position
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of AME
Forma
AME
Forma REIT
REIT should
Statement of
should
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be read
Financial
read
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in conjunction
Position”
conjunction
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included
with
included
in
the
TheAppendix
“Reporting
Pro FormaD of this
Statement Prospectus.
Accountants’ ofReport on
Financial the Pro
Position Forma
of AME Statement
REIT of
should Financial
be read Position”
in included
conjunction with
the
in
the
in “Reporting
Appendix
“Reporting D Accountants’
of this Report
Prospectus.
Accountants’ Report on
on the
the Pro
Pro Forma
Forma Statement
Statement of
of Financial
Position” included
included
theAppendix
in
in Appendix
“Reporting
Appendix
D
D
D of
of
of
of
this
this Prospectus.
Prospectus.
Accountants’
this Prospectus.Report on the Pro Forma Statement of Financial Position” included
Prospectus.
in
TheAppendix
Pro FormaD this
Statement of Financial Position of AME REIT has been prepared for illustrative
in Appendix
The Pro FormaD ofStatement
this Prospectus.
of Financial Position
The Pro
purposes
The Pro Forma
in theStatement
Forma manner of
Statement Financial
consistent
of Financial with the of
Position
Position of AME
AME
format
of AME
REIT
REIT
of the
REIT
has
has
has
been
been
financial
been
prepared
prepared for
for
statements
prepared for
illustrative
illustrative
and the
illustrative
The
The Pro
purposes
Pro
purposes Forma
in
Forma
in the
the Statement
manner
Statement
manner of
of Financial
consistent
Financial
consistent Position
with the
Position
with the of
of AME
format
AME
format REIT
of
REIT
of has
the
has
the been
financial
been
financial prepared
prepared for
statements
for
statements illustrative
and the
illustrative
and the
accounting
purposes
The Pro inpolicies
Forma the Statementto
manner be adopted
consistent
of by
Financial AME
with the
Position REIT
format
of AMEas set
of
REIT out
the
has in Section
financial
been 4.4.4
statements
prepared “Significant
for and the
illustrative
purposes
accounting
purposes
accounting in
in the
policies
the
policies manner
to
manner
to be
be consistent
adopted
consistent
adopted by
bywith
AME
with
AME the
the format
REIT
format
REIT as
as of
set
of
setthe
out
the
outfinancial
in Section
financial
in Sectionstatements
4.4.4
statements
4.4.4 and
“Significant
and
“Significant the
the
Accounting
accounting
purposes inPolicies”
policies
the of
to
manner this
be Prospectus.
adopted
consistent by AME
with theREIT
formatas set
of out
the in Section
financial 4.4.4
statements “Significant
and the
accounting
Accounting
accounting
Accounting policies
Policies”
policies
Policies” to
of
to
of be
this
be
this adopted
Prospectus.
adopted
Prospectus.by
by AME
AME REIT
REIT as
as set
set out
out in
in Section
Section 4.4.4
4.4.4 “Significant
“Significant
Accounting
accounting
Accounting Policies”
policies to
Policies” of
of this
be Prospectus.
this adopted by AME REIT as set out in Section 4.4.4 “Significant
Prospectus.
Accounting
Pro Policies”
Forma Policies”
Statement of of
thisFinancial
Prospectus.
Position as at the date of establishment of AME REIT
Accounting
Pro Forma Statement of this
of Prospectus.
Financial Position as at the date of establishment of AME REIT
Pro Forma
Pro Forma Statement
Forma Statement of of
of Financial Position
Financial Position as as at
at the
the date
date of
of establishment
establishment of of AME
AME REITREIT
Pro
Pro Forma Statement
Statement of FinancialFinancial Position
Position as as at
at the
the date
date of
of establishment
establishment of AME
AME REIT
of(Unaudited)
REIT
Pro Forma Statement of Financial Position as at the date of establishment of AME REIT
(Unaudited)
As at(Unaudited)
the date of
(Unaudited)
(Unaudited)
As
As at
at the date
(Unaudited)
the date of
of
As
As establishment
at
at(Unaudited)
the
the date
date of
of
Asestablishment
at the date
establishment of
Asestablishment
at the date
(RM’000)
establishment of
establishment
(RM’000)
(RM’000)
Assets establishment
(RM’000)
Assets (RM’000)
(RM’000)
Assets
Investment
Assets properties 557,000
(RM’000)
Assets
Investment
Assets properties 557,000
Investment
Assets
Investment
Total properties
properties
non-current assets 557,000
557,000
Investment
Investment
Total properties
properties
non-current assets 557,000
557,000
Total
Total non-current
Investment properties
non-current assets
assets 557,000
557,000
Total non-current
Total non-current assets assets 557,000
557,000
Total non-current
Other receivables assets 557,000586
Other
Other receivables
receivables 586
586
Cash
Other and
Other and bank
receivables
receivables balances 16,963
586
586
Cash
Other
Cash and bank
receivables
bank balances
balances 16,963
586
16,963
Other
Cash
Total
Cash receivables
and bank
current
and bank balances
assets
balances 586
16,963
17,549
16,963
Cash
Total
Total and bankassets
current
current balances
assets 16,963
17,549
17,549
Cash and
Total assetsbank balances 16,963
Total current
Total current
assets
current
assets
assets
assets
17,549
574,549
17,549
17,549
574,549
Total
Total assets
current
assets assets 574,549
17,549
Total assets 574,549
574,549
Total assets 574,549
Total
Equity assets 574,549
Equity
Equity
Unitholders’
Equity
Equity capital (1) 515,000
Unitholders’
Equity
Unitholders’ capital
capital
(1)
(1) 515,000
515,000
Total
Equity equitycapital
Unitholders’
Unitholders’ capital
(1)
(1) 515,000
515,000
Total
Total equity
Unitholders’
equity capital (1) (1)
515,000
Unitholders’
Total
Total equity
equity capital 515,000
515,000
Total equity 515,000
515,000
Total equity
Liabilities 515,000
Liabilities
Liabilities
Other payables
Liabilities
Liabilities 12,049
Other payables
Liabilities
Other payables 12,049
12,049
Total
Other non-current
Liabilities
Other payables
payables liabilities 12,049
12,049
Total
Total non-current
Other non-current
payables liabilities
liabilities 12,049
Other
Total
Total payables
non-current
non-current liabilities
liabilities 12,049
12,049
Total non-current liabilities 12,049
12,049
Total non-current
Other payables liabilities 12,049
1,010
Other
Other payables
payables 1,010
1,010
Islamic
Other
Other Financing
payables
payables Facilities (2) 46,490
1,010
1,010
Islamic
Other
Islamic Financing
payables
Financing Facilities
Facilities
(2)
(2) 46,490
1,010
46,490
Other
Islamic
Total
Islamic payables
Financing
current
liabilities
Facilities
(2)
(2) 1,010
46,490
47,500
46,490
Islamic
Total
Total Financing
current
current Facilities (2)
liabilities
liabilities
(2) 46,490
47,500
47,500
Islamic
Total Financing
current
liabilities Facilities
liabilities 46,490
47,500
59,549
Total
Total current
current
liabilities liabilities
liabilities 47,500
47,500
59,549
Total
Total liabilities
currentand
equity
liabilities liabilities
liabilities 59,549
47,500
59,549
574,549
Total
Total liabilities
equity and
liabilities liabilities 59,549
59,549
574,549
Total
Total equity and
liabilities
equity and liabilities
liabilities 574,549
59,549
Total 574,549
Total equity
equity andand liabilities
liabilities 574,549
574,549
Total equity and liabilities 574,549
NAV (RM’000) (3) 515,000
NAV
NAV (RM’000)
(RM’000)
(3)
(3) 515,000
515,000
Units
NAV
NAV in issue
(RM’000)
(RM’000) (‘000)
(3)
(3) 520,000
515,000
515,000
Units
NAV
Units in issue
(RM’000)
in issue (‘000)
(3)
(‘000) 520,000
515,000
520,000
NAV
Units
Units per
in
in Unit
(RM’000)
issue
issue (RM)
(‘000)
(3)
(‘000)
(4) 0.99
515,000
520,000
520,000
NAV
Units
NAV per
in
per Unit
issue
Unit (RM)
(‘000)
(RM)
(4)
(4)
24 0.99
520,000
0.99
Units
NAV
NAV in issue
per
per Unit
Unit (‘000)(4)
(RM)
(RM)
(4)
24 520,000
0.99
0.99
NAV per Unit (RM) (4) (4)
24
24 0.99
NAV per Unit (RM) 24 0.99
24
24
INFORMATION
INFORMATION SUMMARY
SUMMARY (Cont’d)
(Cont’d)
Notes:
Notes:
(1)
(1) Unitholders’
Unitholders’ funds
funds of
of RM520.0
RM520.0 million,
million, net
net of
of estimated
estimated expenses
expenses in
in relation to the
relation to the issue
issue of
of Units
Units of
of
RM5.0 million.
RM5.0 million.
(2)
(2) The
The amount
amount of of the
the Islamic
Islamic Financing
Facilities expected to be
expected to be drawn
drawn down
down as
as at
at Listing
Listing Date
Date of
of
RM47.0 million, net of estimated transaction costs of approximately RM0.5 million.
RM47.0 million, net of estimated transaction costs of approximately RM0.5 million. The profit The profit
expenses on
expenses on the
the Islamic
Islamic Financing
Facilities are
are recognised
recognised inin the
the statement
statement of
of comprehensive
comprehensive
income in the period which they are incurred. The remaining balance of the Islamic
income in the period which they are incurred. The remaining balance of the Islamic Financing Financing
Facilities of RM20.0 million is assumed not drawn down as at Listing
Facilities of RM20.0 million is assumed not drawn down as at Listing Date. Date.
(3)
(3) NAV represents
NAV represents the
the value
value of
of AME
AME REIT’s
REIT’s total
total assets
assets less
less total
total liabilities.
liabilities.
(4)
(4) NAV per
NAV per Unit
Unit is
is computed
computed based
based on
on NAV
NAV divided
divided by
by number
number of
of Units
Units issued
issued by
by AME
AME REIT.
REIT.
Unaudited
Unaudited Pro Forma Statement
Pro Forma of Profit
Statement of Profit or
or Loss
Loss and Other Comprehensive
and Other Comprehensive Income
Income
(“Pro Forma Statement of Comprehensive Income”)
(“Pro Forma Statement of Comprehensive Income”)
The
The following
following is
is an
an extract
extract from
from Section
Section 4.1
4.1 “Unaudited
“Unaudited Pro
Pro Forma
Forma Statement
Statement of
of Profit
Profit or
or Loss
Loss
and Other Comprehensive Income” of this Prospectus.
and Other Comprehensive Income” of this Prospectus.
The
The Pro
Pro Forma
Forma Statement
Statement ofof Comprehensive
Comprehensive Income
Income of of AME
AME REIT
REIT for
for the
the FYE
FYE 2020,
2020, FYE
FYE 2021
2021
and
and FYE 2022 have been prepared based on the information extracted from the Vendors’
FYE 2022 have been prepared based on the information extracted from the Vendors’
audited
audited financial
financial statements
statements for
for the
the FYE
FYE 2020,
2020, FYE
FYE 2021
2021 and
and FYE
FYE 2022
2022 which
which were
were prepared
prepared
in
in accordance with the approved accounting standards in Malaysia. The Vendors’ audited
accordance with the approved accounting standards in Malaysia. The Vendors’ audited
financial
statements for
for the
the FYE
FYE 2020,
2020, FYE
FYE 2021
2021 and
and FYE
FYE 2022
2022 were
were not
not subject
subject to
to any
any audit
audit
qualification.
qualification.
Certain
Certain numbers
numbers have
have been
been re-presented
re-presented oror reclassified
reclassified in
in this
this pro
pro forma
forma to
to conform
conform with
with the
the
basis
basis of presentation of the Pro Forma Statement of Comprehensive Income of AME REIT and
of presentation of the Pro Forma Statement of Comprehensive Income of AME REIT and
may
may not
not be
be consistent
consistent with
with the
the basis
basis of
of presentation
presentation inin the
the audited
audited financial
statements of
of the
the
Vendors.
Vendors. The Pro Forma Statement of Comprehensive Income have been prepared in
The Pro Forma Statement of Comprehensive Income have been prepared in
accordance
accordance with
with approved
approved accounting
accounting standards
standards in
in Malaysia,
Malaysia, and
and inin a
a manner
manner consistent
consistent with
with
the
the format
format of
of the
the financial
statements andand the
the accounting
accounting policies
policies to
to be
be adopted
adopted by
by AME
AME REIT
REIT
as set out in Section 4.4.4 “Significant Accounting Policies” of this Prospectus.
as set out in Section 4.4.4 “Significant Accounting Policies” of this Prospectus.
In
In arriving
arriving at
at the
the Pro
Pro Forma
Forma Statement
Statement of
of Comprehensive
Comprehensive Income
Income for
for FYE
FYE 2020,
2020, FYE
FYE 2021
2021 and
and
FYE
FYE 2022, certain key adjustments and assumptions set out in Section 4.1 “Unaudited Pro
2022, certain key adjustments and assumptions set out in Section 4.1 “Unaudited Pro
Forma
Forma Statement
Statement ofof Profit
Profit or
or Loss
Loss and
and Other
Other Comprehensive
Comprehensive Income”
Income” ofof this
this Prospectus
Prospectus were
were
made.
made.
The
The pro
pro forma
forma financial
financial information
information of
of AME
AME REIT
REIT presented
presented below
below should
should be
be read
read in
in conjunction
conjunction
with
with Section 4.4 “Management’s Discussion and Analysis of Financial Condition and Results
Section 4.4 “Management’s Discussion and Analysis of Financial Condition and Results of
of
Operations” of this Prospectus.
Operations” of this Prospectus.
(The
(The rest
rest of
of the
the page
page is
is intentionally
intentionally left
left blank)
blank)
25
25
25
FYE 2020 FYE 2021 FYE 2022

RM’000
FYE 2020 RM’000
FYE 2021 RM’000
FYE 2022
Rental income RM’000
26,870 RM’000
28,653 RM’000
35,236
Rental
Quit income
rent and assessment 26,870
(632) 28,653
(1,110) 35,236
(1,283)
Insurance
Quit rent and assessment (523)
(632) (479)
(1,110) (567)
(1,283)
Repair and maintenance
Insurance (1,056)
(523) (260)
(479) (671)
(567)
Other operating expenses
Repair and maintenance (218)
(1,056) (365)
(260) (475)
(671)
Property management fee
Other operating expenses (336)
(218) (336)
(365) (336)
(475)
Property management
Property fee
operating expenses (336)
(2,765) (336)
(2,550) (336)
(3,332)
Property operating
Net property incomeexpenses (2,765)
24,105 (2,550)
26,103 (3,332)
31,904
Net property
Profit income income 24,105
450 26,103
400 31,904
470
Profit
Changesincome
in fair value of investment properties(1) 450- 400
(2,000) 470-
Changes in fair value of investment properties(1) - (2,000) -
Net investment income 24,555 24,503 32,374
Net investment income 24,555 24,503 32,374
Management Fees (2,450) (2,800) (3,150)

Trustee’s
Management feesFees (110)
(2,450) (136)
(2,800) (146)
(3,150)
Islamic
Trustee’s fees costs
financing (1,060)
(110) (1,332)
(136) (1,430)
(146)
Other
Islamictrust expenses
financing costs (570)
(1,060) (645)
(1,332) (700)
(1,430)
Other trust expenses
Non-property expenses (570)
(4,190) (645)
(4,913) (700)
(5,426)
Non-property expenses
Profit before taxation (4,190)
20,365 (4,913)
19,590 (5,426)
26,948
Profit before taxation
Taxation 20,365- 19,590- 26,948-
Taxation
Total comprehensive income for the year 20,365- 19,590- 26,948-
attributable
Total to unitholders
comprehensive income for the year 20,365 19,590 26,948
attributable to unitholders
Non-cash item(2) (589) 4,658 2,109
Distributable
Non-cash itemincome
(2) 19,776
(589) 24,248
4,658 29,057
2,109
Distributable income 19,776 24,248 29,057
Notes:
Notes:
(1) Fair value of the investment properties was determined based on investment method.
(1) Fair value of the investment properties was determined based on investment method.
(2) Non-cash items comprise the Management Fees payable in Units, amortisation of transaction costs on
(2) financings items
Non-cash capitalised, changes
comprise in fair valueFees
the Management of investment
payable inproperties and net ofofunbilled
Units, amortisation leasecosts
transaction income
on
receivables.
financings capitalised, changes in fair value of investment properties and net of unbilled lease income
receivables.

26
26
INFORMATION
INFORMATION SUMMARY
SUMMARY (Cont’d)
(Cont’d)
(J)
(J) PROFIT
PROFIT FORECAST
FORECAST
The
The following
following is
is an
an extract
extract from
from Section
Section 4.5
4.5 “Profit
“Profit Forecast”
Forecast” of
of this
this Prospectus.
Prospectus.
Statement
Statement contained
contained inin this
this “Profit
“Profit Forecast”
Forecast” section
section that
that are
are not
not historical
historical facts
facts may
may bebe forward-
forward-
looking
looking statements. Such statement is based on the assumptions set forth in this section of
statements. Such statement is based on the assumptions set forth in this section of the
the
Prospectus and are subject to certain risks and uncertainties which could cause
Prospectus and are subject to certain risks and uncertainties which could cause actual results actual results
to
to differ
differ materially
materially from
from those
those forecasts.
forecasts. Under
Under no
no circumstances
circumstances should
should the
the inclusion
inclusion of
of such
such
information
information herein be regarded as a representation, warranty or prediction by any of AME REIT,
herein be regarded as a representation, warranty or prediction by any of AME REIT,
the
the Manager,
Manager, the
the Sponsor,
Sponsor, the the Selling
Selling Subsidiaries,
Subsidiaries, the
the Trustee,
Trustee, thethe Principal
Principal Adviser,
Adviser, the
the Joint
Joint
Bookrunners and the Sole Underwriter, or any other person that the underlying
Bookrunners and the Sole Underwriter, or any other person that the underlying assumptions assumptions
will
will materialise,
materialise, or
or that
that these
these results
results will
will be
be achieved
achieved oror are
are likely
likely to
to be
be achieved.
achieved. SeeSee the
the
Section
Section on “Forward-looking Statements” and Section 5 “Risk Factors” of this Prospectus for
on “Forward-looking Statements” and Section 5 “Risk Factors” of this Prospectus for
further
further details.
details. Investors
Investors in in the
the Units
Units are
are cautioned
cautioned not
not to
to place
place undue
undue reliance
reliance onon these
these forward-
forward-
looking
looking statements
statements which
which areare made
made only
only asas of
of the
the date
date of
of this
this Prospectus.
Prospectus.
None
None of
of AME
AME REIT,
REIT, the
the Manager,
Manager, the
the Sponsor,
Sponsor, the
the Selling
Selling Subsidiaries,
Subsidiaries, the
the Trustee,
Trustee, the
the
Principal
Principal Adviser, the Joint Bookrunners and the Sole Underwriter guarantee the
Adviser, the Joint Bookrunners and the Sole Underwriter guarantee the
performance of
performance of AME
AME REIT,
REIT, the
the payment
payment of
of capital
capital or
or the
the payment
payment ofof any
any distributions,
distributions, or
or
any particular return on the Units. The forecast yields stated in the following table
any particular return on the Units. The forecast yields stated in the following table are are
calculated based
calculated based on on the
the Retail
Retail Price
Price of
of RM1.15
RM1.15 per
per Unit
Unit and
and the
the assumption
assumption that
that the
the
Listing Date is 1 April 2022.
Listing Date is 1 April 2022.
Such yields
Such yields will
will vary
vary accordingly
accordingly based
based on
on the
the actual
actual Listing
Listing Date,
Date, or for investors
or for investors who
who
purchase Units at a price that differs from the Retail Price.
purchase Units at a price that differs from the Retail Price.
Investors are
Investors are cautioned
cautioned that
that rental
rental yield
yield on
on the
the Subject
Subject Properties
Properties toto be
be held
held by
by AME
AME
REIT is not equivalent to the yield of the Units. Investors are cautioned that they
REIT is not equivalent to the yield of the Units. Investors are cautioned that they will notwill not
get the full amount of the distribution per Unit as illustrated in the Profit Forecast. Current
get the full amount of the distribution per Unit as illustrated in the Profit Forecast. Current
rental receipts
rental receipts and
and yields
yields may
may not
not be
be sustained.
sustained. The
The values
values ofof the
the Subject
Subject Properties
Properties
may rise as well as fall.
may rise as well as fall.
The following
The following table
table shows
shows AME AME REIT’s
REIT’s Profit
Profit Forecast
Forecast for
for the
the Forecast
Forecast Year
Year 2023.
2023. The
The financial
financial
year end of AME REIT is 31 March. The Forecast Year 2023 has been prepared
year end of AME REIT is 31 March. The Forecast Year 2023 has been prepared assuming that assuming that
the first financial year is for the 12-month period ending 31 March 2023,
the first financial year is for the 12-month period ending 31 March 2023, and the date of and the date of
establishment of AME REIT on 1 April 2022 (instead of the actual establishment
establishment of AME REIT on 1 April 2022 (instead of the actual establishment on 23 May on 23 May
2022) and
2022) and that
that the
the Acquisitions
Acquisitions hadhad been
been completed
completed on on 11 April
April 2022.
2022. The
The actual
actual net
net property
property
income for the financial year ending 31 March 2023 and the resultant distribution
income for the financial year ending 31 March 2023 and the resultant distribution yield would be yield would be
dependent on the rentals of the Subject Properties accruing to AME REIT
dependent on the rentals of the Subject Properties accruing to AME REIT effective from the effective from the
Listing Date.
Listing Date. TheThe Profit
Profit Forecast
Forecast areare based
based onon the
the assumptions
assumptions set set out
out below
below and
and have
have been
been
examined by the Reporting Accountants and should be read together
examined by the Reporting Accountants and should be read together with the “Reporting with the “Reporting
Accountants’ Letter
Accountants’ Letter on
on the
the Profit
Profit Forecast”
Forecast” set
set out
out in
in Appendix
Appendix E, E, as
as well
well as
as the
the assumptions
assumptions
set out in this section of the Prospectus.
set out in this section of the Prospectus.
(The rest
(The rest of
of this
this page
page is
is intentionally
intentionally left
left blank)
blank)
27
27
27
Profit Forecast
Profit Forecast
Forecast Year 2023
Forecast Year 2023
(RM’000)
(RM’000)
Rental income 40,995
Rental income 40,995
Total revenue 40,995
Total revenue 40,995
Quit rent and assessment (1,803)
Quit rent and assessment
Insurance (1,803)
(705)
Insurance
Repair and maintenance (705)
(346)
Repair and maintenance
Other operating expenses (346)
(228)
Other operating expenses
Property management fees (228)
(336)
Property management fees (336)
Property operating expenses (3,418)
Property operating expenses (3,418)
Net property income 37,577
Net property income 37,577
Profit income 452

Profit income 452
Net investment income 38,029
Net investment income 38,029
Management Fees (3,573)

Management
Trustee’s fee Fees (3,573)
(175)
Trustee’s fee
Islamic financing costs (175)
(2,481)
Islamic financing costs
Other trust expenses (2,481)
(837)
Other trust expenses (837)
Non-property expenses (7,066)
Non-property expenses (7,066)
Profit before taxation 30,963
Profit before taxation 30,963
Taxation -
Taxation -
Net income for the year and total 30,963
Net income for theincome
comprehensive year and
fortotal
the year 30,963
comprehensive
attributable income for the year
to Unitholders
attributable to Unitholders
Add: Non-cash items(1) 3,083
Add: Non-cash items(1) 3,083
Distributable income 34,046
Distributable income 34,046
Number of Units in issue (in ’000)(2) 522,317
Number
Assumedofdistribution
Units in issue
rate(in
(%)’000)(2) 522,317
100.0
Assumed distribution
Distribution rate (%)
cover (times) 100.0
1.00
Distribution cover (times)
Distribution per Unit (sen) 1.00
6.52
Distribution
Retail Price per Unit (sen)
(RM/Unit) 6.52
1.15
Retail Price (RM/Unit)
Distribution yield on Retail Price (%)(3) 1.15
5.67
Distribution yield on Retail Price (%)(3) 5.67
Notes:
Notes:
(1) Non-cash items comprise the Management Fees payable in Units, amortisation of transaction costs
(1) on
Non-cash items
financings compriseand
capitalised the Management
net of unbilledFees payable
lease incomeinreceivables.
Units, amortisation of transaction costs
on financings capitalised and net of unbilled lease income receivables.
(2) The total number of Units in issue includes the assumed approximately 2.3 million Units issued to
(2) the
TheManager
total number of Units in
as payment forissue includes the assumed
the Management Fees for approximately
the Forecast Year2.3 million
2023 at Units issued to
an assumed
the Manager
issue price of as payment
RM1.15 per for
Unitthe
. Management Fees for the Forecast Year 2023 at an assumed
issue price of RM1.15 per Unit.
(3) Distribution yield is calculated based on the assumption that the Listing Date is on 1 April 2022.
(3) The
Distribution yieldyield
distribution is calculated based on the
will vary accordingly assumption
based that theListing
on the actual ListingDate,
Dateorisifon
the1 Final
April Retail
2022.
The
Pricedistribution yield will vary accordingly based on the actual Listing Date, or if the Final Retail
is below RM1.15.
Price is below RM1.15.
28
28
28
(K) RISK FACTORS

(K) RISK FACTORS
An investment in the Units is subject to risks. A summary of some of the key risks associated
An investment
with an investmentin the
in Units is subject
the Units to risks.
is set out below. A Please
summary of to
refer some of the
Section key risks
5 “Risk associated
Factors” of this
with an investment
Prospectus in the
for further Units and
details is setthe
outfull
below.
list ofPlease
the riskrefer to Section
factors. 5 “Risk
Investors Factors”
should read of and
this
Prospectus all
understand forthe
further details before
risk factors and the full list
making of the risk
a decision factors.
to invest in Investors
the Units. should read and
understand all the risk factors before making a decision to invest in the Units.
AME REIT is subject to risks inherent in being concentrated in a single region.
AME REIT is subject to risks inherent in being concentrated in a single region.
The Subject Properties are all located in Iskandar Malaysia. As such, AME REIT will be subject
The
to Subject risks
additional Properties are all
compared tolocated
other REITsin Iskandar Malaysia.with
and companies As such, AMEconsisting
portfolios REIT will of
beproperty
subject
to additional risks
investments over acompared to other REITs
wider geographical area.and companies
These with portfolios
risks include potential consisting
changes inofeconomic
property
investments political
conditions, over a wider geographical
environment, or area. These risksregulations
governmental include potential
and changes
policies inwhich
economic are
conditions, political
unfavourable environment,
to industrial properties in orIskandar
governmental
Malaysiaregulations
and such other andfactors
policies
that which
may affectare
unfavourable
the demand for toindustrial
industrialproperties
propertiesin inthat
Iskandar
region.Malaysia
Further,and the such other
Subject factors that
Properties are may affect
all located
the demand
within for industrial
or adjacent or nearproperties
to i-Park in @that SAC,region.
i-ParkFurther, the Subject
@ Indahpura and Properties are allThere
i-Park @ SILC. locatedis
within or adjacent or near to i-Park @ SAC, i-Park @ Indahpura and i-Park
no assurance that there will be no adverse changes in the infrastructure in their vicinities or @ SILC. There is
no assurance that there will be no adverse
decline in the attractiveness of these industrial parks. changes in the infrastructure in their vicinities or
decline in the attractiveness of these industrial parks.
The Subject Properties have tenancy cycles in which a substantial number of the
The Subject
tenancies Properties
expire in certainhave
years.tenancy cycles in which a substantial number of the
tenancies expire in certain years.
A substantial number of the Subject Properties’ tenancies are for terms of 6 years and less.
A substantial number of the Subject Properties’ tenancies are for terms of 6 years and less.
The number of expiring tenancies from the LPD to 31 March 2023 (representing expiry of
The number
tenancies for of
theexpiring
remainingtenancies
period infrom FYEthe 2023)LPD aretoas31follows:
March 2023 (representing expiry of
tenancies for the remaining period in FYE 2023) are as follows:
Number of tenancies
Number of tenancies
SAC Subject Properties (excluding 2
SAC Subject Properties (excluding
Dormitory) 2
Dormitory)
Indahpura Subject Properties (excluding 1
Indahpura Subject Properties (excluding
Dormitories) 1
Dormitories)
SILC Subject Properties --
SILC Subject Properties --
Dormitories --
Dormitories --
The concentration of tenancy expiries exposes AME REIT to the typical risks associated with
The concentration
tenancy of tenancy
expiries, including theexpiries
risk of exposes AME
vacancies REIT to
following the typical risks
non-renewal, associated with
non-replacement of
tenancy expiries,
tenancies, reducedincluding
Occupancythe Rates
risk ofwhich
vacancies followingtonon-renewal,
may translate non-replacement of
lower rental income.
tenancies, reduced Occupancy Rates which may translate to lower rental income.
There can be no assurance that major tenants or a significant number of tenants will decide to
There can
renew theirbe no assurance
tenancies, thatitmajor
nor can tenants orthat
be guaranteed a significant number
new tenants of tenants
will be securedwill
at decide to
all, or on
renew theirterms.
favourable tenancies,
Suchnor can itmay
factors be guaranteed that new
have an adverse tenants
effect on thewill be secured
income of AME atREIT
all, orand
on
favourable
its terms.
distributions Such factors may have an adverse effect on the income of AME REIT and
to Unitholders.
its distributions to Unitholders.
There is no assurance that the Subject Properties will be able to maintain rental rates at
There is nomarket
prevailing assurance
rates.that the Subject Properties will be able to maintain rental rates at
prevailing market rates.
The rental rates of the Subject Properties will depend upon various factors, including but not
The rental
limited to rates of thesupply
prevailing Subjectand Properties
demandwill depend upon
conditions various
as well as factors, including
the quality, designbut and
not
limited to prevailing supply and demand conditions
customisation of the Subject Properties. There is no assurance thatas well as the quality, design
Manager will be able and
customisation
to procure newoftenancies
the Subject Properties.
or renew There
existing is no assurance
tenancies at or abovethat the Manager
prevailing will be able
rental rates.
to procure new tenancies or renew existing tenancies at or above prevailing rental rates.
29
29
29
The loss of third-party key tenants, a downturn in the business of Subject Properties’
The loss
key tenantsof third-party
or any breach key tenants,
by the atenants
downturn in theobligations
of their business ofunder Subject Properties’
their tenancy
key tenants may
agreements or any
havebreach
a material by the tenants
adverse effectofon their
the obligations
financial condition under and theirresults
tenancy of
agreementsofmay
operations AME have
REIT. a material adverse effect on the financial condition and results of
operations of AME REIT.
As at the LPD, the contribution of the top 10 largest tenants of the Industrial Properties, all of
As at the
whom areLPD,
third the contribution
parties, based on of their
the top 10 largest
Occupied NLAtenants of the
to the Pro Industrial
Forma Gross Properties, all of
Rental Income
whom are
across thethird parties,
Subject based on
Properties is their Occupied 41.5%.
approximately NLA to the Pro Forma
Accordingly, AMEGross Rental
REIT’s Income
business,
across the
financial Subject results
condition, Properties is approximately
of operations and ability41.5%. Accordingly,
to make AMEmay
distributions REIT’s business,
be adversely
financial by
affected condition, results of
the bankruptcy, operations
insolvency or and abilityintothe
downturn make distributions
businesses of onemay be adversely
or more of these
affected as
tenants, by well
the bankruptcy,
as the decision insolvency
by one or ormore
downturn in the
of these businesses
tenants of oneitsortenancy.
not to renew more of There
these
tenants,
can be no asassurance
well as thethat decision by one or
new tenants willmore of these
be found tenants
on the same not to renew
terms its less
(or not tenancy. There
favourable
can be in
terms) notime
assurance
or at all.that new tenants will be found on the same terms (or not less favourable
terms) in time or at all.
Please refer to Section 2.1.4 of this Prospectus for detailed information of the top 10 largest
Please refer to Section 2.1.4 of this Prospectus for detailed information of the top 10 largest
tenants.
tenants.
The Subject Properties may face increased competition from other properties.
The Subject Properties may face increased competition from other properties.
The Subject Properties are exposed to competition from other industrial properties in the
The Subject
immediate Properties
vicinity or within are Iskandar
exposedMalaysia.
to competition
If the from
Subjectother industrial
Properties areproperties
unable toinkeep the
immediate
pace vicinity or within
with comparable Iskandar
industrial Malaysia.
properties in the Ifarea
the and
Subject Properties
this results in AMEare REIT’s
unablefailure
to keep to
pace with
retain majorcomparable
tenants and/orindustrial
attractproperties in the the
new tenants, areaincome
and this results
from and in theAME
marketREIT’s failure
value of theto
retain major
Subject tenantsmay
Properties and/or attract new
significantly tenants,There
decrease. the income
can befrom and the market
no assurance value
that the of the
Manager
Subject
will Properties
be able to seek may
new significantly
tenants for the decrease.
SubjectThere can be
Properties no assurance
in the future if anythat the Manager
existing tenants
will be able
decide not totorenew
seek newtheir tenants
tenancy.for the Subject Properties in the future if any existing tenants
decide not to renew their tenancy.
AME REIT may face increased competition from other comparable industrial properties and
AME such
other REIT comparable
may face increased
industrial competition
properties may frombeother
newer, comparable
in a betterindustrial propertiesmore
location, comprise and
other suchfeatures
attractive comparable industrial
to tenants. Theproperties
increasedmay be newer,ofinthe
competition a better
Subject location, comprise
Properties withinmorethe
attractive
vicinity mayfeatures to tenants.
affect the market value The increased
and income competition
generatedoffrom the the
Subject
SubjectProperties within
Properties. In the
vicinitythe
event may affect the market
comparable industrial value and income
properties withingenerated
the vicinityfromare the
more Subject Properties.
successful In the
in attracting
event
and the comparable
retaining tenants, the industrial properties
distribution within themay
to Unitholders vicinity are more successful in attracting
be affected.
and retaining tenants, the distribution to Unitholders may be affected.
For further details of the competitive overview of AME REIT, please refer to Section 5.1 of the
For further details
Independent Marketof Research
the competitive Reportoverview
in Appendix of AMEB ofREIT, please refer to Section 5.1 of the
this Prospectus.
Independent Market Research Report in Appendix B of this Prospectus.
The Appraised Values of the Subject Properties are based on various assumptions which
The Appraised
may not materialiseValues and ofthe
theprice
Subject Properties
at which are based
AME REIT is ableontovarious
sell theassumptions
Subject Propertieswhich
may
in thenot materialise
future may beand lower thethan
pricetheir
at which AME REIT
acquisition value.is able to sell the Subject Properties
in the future may be lower than their acquisition value.
AME REIT is exposed to the risk of selling any of the Subject Properties at a price lower than
AMEAppraised
the REIT is exposed
Value asto the the values
risk of selling any of the
of the Subject Subject Properties
Properties may change at asubject
price lower than
to market
the Appraised
conditions. Valueevent,
In any as thethe values of the Value
Appraised Subject of Properties
any of themay change
Subject subject to
Properties market
does not
conditions. that
guarantee In any event,sale
the future the price
Appraised
of the Value
SubjectofProperties
any of the willSubject Properties
be favourable does
or will not not
fall
guarantee
below that theamount.
a minimum future sale If theprice
saleofprice
the Subject
of any ofProperties
the Subject willProperties
be favourable or will notless
is significantly fall
belowitsa minimum
than acquisitionamount.
price, AME If the sale
REIT’sprice of any of
financial the Subject
condition may Properties
be materially is significantly
and adversely less
than its acquisition price, AME REIT’s financial condition may be materially and adversely
affected.
affected.

30
30
30
Majority of the Subject Properties are dependent on managed services provided by the
Majority of the
subsidiaries of Subject
the Sponsor Properties
or theirare dependent oninmanaged
representatives services provided
order to actualise the i-Parkby the
brand
subsidiaries
and concept.of the Sponsor or their representatives in order to actualise the i-Park brand
and concept.
As at the LPD, majority of the Subject Properties (27 Industrial Properties and 3 Dormitories
As
out at
of the LPD, majority
34 properties) are in of or
the SubjecttoProperties
adjacent AME Group’s (27 award-winning
Industrial Properties i-Park and 3 Dormitories
branded industrial
out of 34 properties) are in or adjacent to AME Group’s award-winning
parks which are managed by the subsidiaries of the Sponsor or their representatives. i-Park branded industrial
This
parks which are managed by the subsidiaries of the Sponsor
arrangement is set out in DMCs which stipulate the responsibilities of AME Group in providing or their representatives. This
arrangement
the required gated is set out in DMCs which
development servicesstipulate
whichthe responsibilities
include provision of of security
AME Group in providing
services, visitor
the required gated
management, development
maintenance of theservices
landscapingwhichand include
facilitiesprovision of security services,
in the recreational area within visitor
the
management,
parks and monitoring maintenance of the of the landscaping
environment to and facilities
promote in the recreational
a green, healthy, and area within the
comfortable
parks and monitoring
environment for occupants. of the In environment
return, ownerstoofpromote the managed a green, healthy,
industrial parksandarecomfortable
required to
environment
pay for occupants.
gated development serviceIn return,
charges. owners
On 5ofAugust
the managed
2022, the industrial
developer parks
of are
i-Parkrequired
@ SILC to
pay
had gated
handeddevelopment
over the managementservice charges.of i-ParkOn@5 SILCAugust 2022,
to the the formed
newly developer of i-Park
owners’ @ SILC
committee.
had handed over the management of i-Park @ SILC to the newly formed owners’ committee.
There is no certainty that the subsidiaries of the Sponsor or their appointed managers would
There is no certainty
continuously receive thatprompt the and
subsidiaries
sufficientofcollections
the Sponsor fromor their
all theappointed
owners managers
of the managed would
continuously
industrial parks receive
or thatprompt
they will and sufficient
continue collections
to provide the from
requiredall the
levelowners of thetomanaged
of services maintain
industrial
and executeparks theor ESG
that they
aspects will continue
involvingtomanagement
provide the required level of services
of the industrial parks which to maintain
is an
and execute
important aspect the towards
ESG aspects the valueinvolving management
enhancement for the of parks
the industrial parks which
and properties within istheman
important the
including aspect
Subjecttowards the value enhancement for the parks and properties within them
Properties.
including the Subject Properties.
In addition, provision of safe, comfortable and liveable conditions for workers is an important
In addition,
aspect of theprovision of safe,
i-Park brand. Thecomfortable
AME Group and
vialiveable
I Stay, is conditions
managingforthe workers is an which
Dormitories importantare
adjacent to i-Park @ SAC and i-Park @ Indahpura, which are key to supporting are
aspect of the i-Park brand. The AME Group via I Stay, is managing the Dormitories which the
adjacent to i-Park
accommodation needs@ for SAC the and i-Park
workers @ i-Park
of the Indahpura,
clientele, which are a
offering keysafeto and
supporting
comfortable the
accommodation
environment withneeds
a hostfor of the workers
managed of the i-Park
services clientele,
that support offering
workers’ a safeand
welfare andquality
comfortable
of life.
environment
There with a host
is no certainty thatof managed
I Stay services
will continue tothat support
manage theseworkers’ welfare
Dormitories and are
which quality of life.
rented on
There islease
master no certainty that I Stay
arrangements from will continue
AME REIT to in manage
a manner these
that Dormitories which are rented
meets the requirements on
of their
master lease arrangements from AME REIT in a manner that meets the requirements of their
tenants.
tenants.
Any failure in providing an acceptable level of services as a whole by the subsidiaries of the
Any failure
Sponsor or intheir
providing
appointedan acceptable
managers level due toof reasons
services such as a whole
as butby notthe subsidiaries
limited of the
to a material
Sponsorinorthe
change their appointed managers
management of the Sponsor due toand/or
reasons such as but may
its subsidiaries not limited
adversely to aaffect
material
the
change in the of
attractiveness management
the i-Park managed of the Sponsor
industrialand/or
parks,itswhichsubsidiaries
may cause may adversely
negative affect the
perception to
attractiveness
the i-Park brand, of the
andi-Park managedmay
consequently industrial
lead toparks, which mayincause
a deterioration property negative
value perception
and/or rental to
the i-Park
rates and/or brand,
tenancy andrenewal
consequently and/ormaynewlead to a deterioration
tenancies of the i-Parkinmanaged property industrial
value and/or rental
parks.
rates and/or tenancy renewal and/or new tenancies of the i-Park managed industrial parks.
The operations of the FZW SAC, one of the Subject Properties, is highly dependent on
The operations
adequate management of the FZW and SAC, one of the
maintenance from Subject
the ManagerProperties,and theis highly
Property dependent
Manager. on
adequate management and maintenance from the Manager and the Property Manager.
The FZW SAC, one of the Subject Properties, requires adequate management and
The FZW SAC,
maintenance from the oneManager
of the and Subject Properties,
the Property Manager requires adequate
to attract new tenants, management and
retain existing
maintenance
tenants, sustain from the Manager
rental rates andand the Property
remain competitive.ManagerFailure to attract newadequate
to provide tenants, retain existing
management
tenants,
and sustain rental
maintenance to therates and Properties
Subject remain competitive.
may also Failurelead to to provide adequate
a decrease in tenancy management
rates, with
and maintenance
tenants being attracted to theto Subject Propertiesofmay
the competitors the also
Subject leadProperties.
to a decrease in tenancy rates, with
tenants being attracted to the competitors of the Subject Properties.

31
31
31
AME REIT is exposed to economic conditions, the success and economic viability of its
AME REIT
tenants and ispolitical
exposedrisks to economic
in Malaysia conditions, the success and economic viability of its
tenants and political risks in Malaysia
Although the Subject Properties are located in Iskandar Malaysia, AME REIT’s results of
Although the
operations Subject
would Properties
depend, to a large areextent,
locatedonintheIskandar
performanceMalaysia,of theAME REIT’s and
Malaysian results of
global
operationsand
economy would depend, to a large
industrial-related extent,
activities suchonasthemanufacturing,
performance of the Malaysian
production, and global
processing and
economyofand
storage goodsindustrial-related
and products. activities such as manufacturing,
The performance of AME REIT may production,
also be processing
affected by and the
storage
industrialofproperty
goods and marketproducts.
conditions,The such
performance of AME REIT may
as the competitiveness also be affected
of competing industrialby the
parks
industrial
or the supplypropertyandmarket
demand conditions, such properties.
of industrial as the competitiveness
A decline inof the competing
Malaysian industrial parks
and global
or the supply
economy and demand of industrial
and industrial-related properties.
activities could A decline
adversely in the
affect the Malaysian
results and global
of operations and
economy
future and of
growth industrial-related
the tenants on activities
the Subject could adverselyAn
Properties. affect the results
economic declineof operations
in Malaysia, and a
future growth
decline of the tenants
in the industrial propertyon market
the Subject Properties.
conditions An economic
in Malaysia or other decline in Malaysia,
developments outsidea
decline
the in the
control industrial
of AME REITproperty market conditions
and the Manager, may affect in AME
Malaysia or business,
REIT’s other developments outside
financial condition
the control
and resultsof ofAME REIT and the Manager, may affect AME REIT’s business, financial condition
operations.
and results of operations.
The performance of AME REIT may be adversely affected by disruptions to economic and
The performance
production activitiesof including,
AME REIT butmay be adversely
not limited to: affected by disruptions to economic and
production activities including, but not limited to:
(i) an economic downturn in Malaysia or globally, affecting property values, rents, and
(i) an economic
occupancy downturn in Malaysia or globally, affecting property values, rents, and
rate;
occupancy rate;
(ii) a negative impact to the financial position of tenants of the Subject Properties resulting
(ii) a negative
in delays in impact
the to the financial
receipt of rental position of tenants
payments, of theinSubject
defaults rental Properties
payments resulting
or early
in delays inof the
termination receipt of rental payments, defaults in rental payments or early
tenancies;
termination of tenancies;
(iii) reduced tenants in the Subject Properties;
(iii) reduced tenants in the Subject Properties;
(iv) tenants becoming insolvent or otherwise unable to meet their obligations; and/or
(iv) tenants becoming insolvent or otherwise unable to meet their obligations; and/or
(v) an increase in counterparty risk involving parties such as tenants, insurers, lenders as
(v) an increase
well in counterparty
as contractors and suppliers.risk involving parties such as tenants, insurers, lenders as
well as contractors and suppliers.
AME REIT’s business, prospects, financial condition and results of operations may be
AME
adversely REIT’s business,
affected prospects,
by political, economicfinancial condition
and social and results
developments of operations
in Malaysia. Further,mayAME be
adversely
REIT mayaffected be affected by political, economic
by disruption and from,
arising socialamongst
developmentsothers,inchanges
Malaysia.inFurther,
GovernmentAME
REIT
policies may as be affected
a result by disruption
of change arising from,
of government amongst others,
administration, and the changes
politicalinsentiments
Government in
policies
Malaysiaas maya result
change. of change of government administration, and the political sentiments in
Malaysia may change.
COVID-19’s impact to AME REIT’s business, financial condition and results of operations
COVID-19’s impact to AME REIT’s business, financial condition and results of operations
The COVID-19 global outbreak had disrupted global economic activity, and impacted
The COVID-19
companies across global
variousoutbreak
industries hadindisrupted globaleconomy.
the Malaysian economicThe activity,
outbreak andisimpacted
likely to
companies
continue across
to have various industries
a negative impact on in thethe Malaysian
global economy economy.
and businessThe outbreak
activities in is the
likely to
near
continue
future. Thisto have
couldaadversely
negative impact on thethe global and
business economy and business
operations activities
of the tenants in the
of the near
Subject
future. This the
Properties, could adversely
majority impactare
of whom themultinational
business andcompanies,
operations whichof the intenants
turn may of the Subject
adversely
Properties,
impact the majority
the revenues andofresults
whomofare AME multinational
REIT. Thiscompanies, which inAME
could also impact turnREIT’s
may adversely
ability to
impact the
secure newrevenues and results
foreign tenants if theofglobal
AME movement
REIT. This restrictions
could also impactcontinue AME REIT’s in
to remain ability to
place,
secure new
thereby foreign
limiting the tenants
potentialif forthe new
global movement
foreign tenants restrictions
to commence continue to remain
operations in in place,
Iskandar
thereby limiting
Malaysia. In the the
event potential for new of
of an outbreak foreign tenants
a similar nature to incommence
the future operations
or an escalationin Iskandar
of the
Malaysia.
current In the event
COVID-19 of an outbreak
pandemic, there is of noa assurance
similar naturethatinmeasures
the futureand or an escalation
steps taken by of the
current COVID-19
relevant authorities pandemic,
will be adequatethere to is contain
no assurance that measures and steps taken by the
such outbreak.
relevant authorities will be adequate to contain such outbreak.

32
32
32
AME REIT’s rental income and the value of the Subject Properties may be adversely
AME
affected REIT’s
by a rental
number income and the value of the Subject Properties may be adversely
of factors.
affected by a number of factors.
The rental income of AME REIT and the value of the Subject Properties may be adversely
The rental
affected byincome
a number of AME REIT and
of factors, the value
including, of the
but not Subject
limited to theProperties
ability tomay be adversely
collect rent from
affectedon
tenants bya atimely
number of the
basis, factors,
amount including,
and extentbut tonot limited
which AME to REIT
the ability to collect
may grant rent free rentperiod
from
tenants
or rebates on a totimely
tenants basis, the amount
in certain and extentdefects
circumstances, to whichaffecting
AME REIT the may grant
Subject rent free period
Properties which
or rebates
could affecttothe tenants in certain
operations circumstances,
of tenants resulting defects affecting
in the inability of the
such Subject
tenants Properties
to make timely which
could affect
payments of the
rentoperations
or at all and of the
tenantsrental resulting
rates and in the terms
inabilityof ofthesuch tenants
renewed to make
leases beingtimely
less
payments of
favourable rentthe
than or current
at all and the rental rates and the terms of the renewed leases being less
leases.
favourable than the current leases.
AME REIT is exposed to the risks inherent to the property industry and may be adversely
AME REIT
affected byisincreases
exposed to in the risks inherent
operating and other to the property industry and may be adversely
expenses.
affected by increases in operating and other expenses.
AME REIT’s ability to maintain a certain level of distribution to the Unitholders could be affected
ifAME REIT’s ability
its operating andtoother
maintain a certain
expenses level ofwithout
increase distribution to the Unitholders
a corresponding increase couldin be affected
revenue or
if its operating
tenant and other
reimbursement of expenses
operating and increase
otherwithout a corresponding
costs. Factors which could increase
increasein revenue
operating or
tenant reimbursement of operating and other costs. Factors which
and other costs of the Subject Properties include, but are not limited to increase in third party could increase operating
and other
service costs of
provider the Subject
costs, increaseProperties
in quit rent include, but are not(property
and assessment limited toand increase
related in taxes)
third partyand
service
other providercharges,
statutory costs, increase
increaseininquit rentand
repair andmaintenance
assessment (propertycosts andand relatedintaxes)
increase insurance and
other statutory
premiums. charges,
In addition, AME increase
REIT is in also
repair and maintenance
exposed costs and increase
to capital expenditures and other in expenses,
insurance
premiums.
the timing In ofaddition,
which may AME be REIT is also exposed
irregular to capital
since on-going expenditures
repairs and other expenses,
and maintenance involves
the timing and
significant of potentially
which mayunpredictable
be irregular expenditures.
since on-going repairs and maintenance involves
significant and potentially unpredictable expenditures.
AME REIT is dependent on the key personnel of the Manager and the loss of any key
AME
personnelREIT may is dependent
adverselyon the its
affect keyoperations.
personnel of the Manager and the loss of any key
personnel may adversely affect its operations.
The performance of AME REIT depends, in part, on the experience, industry knowledge and
The performance
abilities of the key of AME
personnelREIT depends, in part, onShould
of the Manager. the experience,
these key industry knowledge
personnel leave and the
abilities of the
employment keyManager,
of the personnel timeofwill thebeManager.
required toShouldsearch these key personnel
for a replacement and leave
the duties the
employment
and functionsofwhichthe Manager,
such keytime personnelwill bearerequired to search
responsible for abe
for may replacement
affected. The andlossthe ofduties
any
and
of thefunctions which such
key personnel of thekey personnel
Manager mayare responsible
have a materialfor may
and be affected.
adverse TheAME
effect on loss REIT’s
of any
of the keycondition
financial personnel andofresults
the Manager may have a material and adverse effect on AME REIT’s
of operations.
financial condition and results of operations.
The real estate investments of AME REIT may be illiquid and lack alternative uses.
The real estate investments of AME REIT may be illiquid and lack alternative uses.
AME REIT’s focus on industrial real estate properties translates to a higher level of risk as
AME REIT’s
compared to a focus on industrial
portfolio which is more real estate
diverse.properties
Industrialtranslates
propertiestoare a higher level
relatively moreof risk as
illiquid
compared
as the demand to a portfolio
for suchwhich is more
properties arediverse. Industrial
less compared to properties
residentialare andrelatively
office units more andilliquid
also
as theexpensive
more demand for duesuch properties
to their size. In areaddition,
less compared
occupiers to residential
of industrialand office units
properties mayand also
require
more properties
such expensive to duebetoconstructed
their size. In addition, occupiers
specifically to cater for of their
industrial properties
use and may require
operations. These
such properties
factors may hinder to AME
be constructed
REIT’s ability specifically
to promptlytolease caterout forortheir useofand
sell any the operations.
Subject Properties These
factors
or varymay hinder AME
its property REIT’s ability
investment to promptly
portfolio lease out
in response to or sell any economic,
changing of the Subject Properties
financial and
or vary its conditions.
investment property investment portfolio in response to changing economic, financial and
investment conditions.
Possible change of investment strategies may adversely affect Unitholders’ investments
Possible
in AME REIT. change of investment strategies may adversely affect Unitholders’ investments
in AME REIT.
AME REIT’s policies with respect to certain activities, including investments and acquisitions,
AME
will beREIT’s
determinedpoliciesbywith respect to The
the Manager. certain activities,
Manager mayincluding
from timeinvestments
to time decide and to acquisitions,
change its
will be determined
investment allocationby the Manager.
pursuant to the The DeedManager
and the mayRelevant
from time Lawsto time
and decide to changeAny
Requirements. its
investment
possible change allocation
in AMEpursuant REIT’sto the Deed and
investment the Relevant
strategies may Laws and Requirements.
adversely affect Unitholders’ Any
possible
investment change
returnsinin AME
AME REIT. REIT’s investment strategies may adversely affect Unitholders’
investment returns in AME REIT.
33
33
33
The Manager may not be able to successfully implement its investment strategy.
The Manager may not be able to successfully implement its investment strategy.
The Manager’s ability to successfully implement its investment strategies or expand AME
The
REIT’sManager’s
portfolio willability to successfully
depend on, amongstimplementother factors, its investment
its ability to strategies
identify suitableor expand AME
investment
REIT’s portfolio
opportunities thatwill depend
meet on, amongst
its investment other
criteria andfactors,
to obtain its ability to identify
the necessary suitable
funding on investment
favourable
opportunities
terms. There that can meet
be noits investment
assurance criteria
that and to obtain
the Manager will be theablenecessary funding on
to successfully favourable
implement its
terms. There
investment can be no
strategies onassurance
terms favourable that thetoManager
AME REIT willand/or
be able to successfully
within the intended implement
time frame. its
investment
AME REIT strategies
may also on face terms
intensefavourable to AME
competition forREIT and/or within
investment the intended
opportunities time by
identified frame.
the
AME
ManagerREITfrommayother also face
propertyintense competition
investors, for investment
including other REITs opportunities
and property identified by the
investment
Manager
companies. from
There other
is noproperty
assurance investors,
that AMEincluding
REIT will other
be able REITs
to compete and property
successfully investment
against
companies.
such entities.There is no assurance that AME REIT will be able to compete successfully against
such entities.
AME REIT is newly established and has no track record.
AME REIT is newly established and has no track record.
AME REIT was established on 23 May 2022 and as such, has no operating history. The Pro
AME
FormaREIT was established
Statement of Comprehensiveon 23 May 2022 and as
Income Prosuch,
Forma hasStatement
no operating history. The
of Financial Pro
Position
Forma
have beenStatement
prepared of for
Comprehensive
illustrative purposes Incomeand and setProoutForma
in Section Statement
4 of thisofProspectus.
Financial Position
Please
have
refer been prepared
to Section for illustrative
5.3.3 purposes and
of this Prospectus set out
for the risks in Section
that the4 Pro of this Prospectus.
Forma Statement Please of
refer to SectionIncome
Comprehensive 5.3.3 of and this
ProProspectus
Forma Statement for theofrisks that the
Financial PositionPro mayForma not Statement
reflect actual of
Comprehensive
results and actual Income
financial andposition
Pro Forma of AME Statement
REIT. of Financial Position may not reflect actual
results and actual financial position of AME REIT.
Potential conflict of interest between AME REIT, the Manager and the Sponsor
Potential conflict of interest between AME REIT, the Manager and the Sponsor
The Manager is wholly-owned by the Sponsor. The Manager is also the management company
The Manager
of AME REIT. isThe wholly-owned
Sponsor willbybethe theSponsor. The Manager
single largest Unitholder is also
of AME the management company
REIT via its subsidiary
of AME REIT. The Sponsor will be the single largest Unitholder
following the completion of the Offering. The properties developed, managed and/or sold by the of AME REIT via its subsidiary
following the completion
subsidiaries of the Sponsor of the Offering.
and the The properties
investment developed,
properties held managed
by theand/orSponsor soldvia
by theits
subsidiaries may of the Sponsor
directly compete andwith thethe investment propertiesforheld
Subject Properties tenants by andthe cause
Sponsor via its
downward
subsidiaries
pressure on may directly compete
the demand for Subject with the Subject
Properties andProperties
their rentalforrates. tenants and cause downward
pressure on the demand for Subject Properties and their rental rates.
Certain directors of the Manager (Lee Chai and Lee Sai Boon and their alternates) sit on the
Certain
board ofdirectors
directorsofofthe theManager
Sponsor.(Lee Lee Chai and Lee Sai Boon are and executive
their alternates)
directors sitof
onboth
the
board of directors
the Manager and the of the Sponsor.
Sponsor. As Lee Chai the
a result, andstrategies
Lee Sai Boon are executive
and activities of AME directors
REIT may of bothbe
the Manager
influenced by and the Sponsor.
the overall interests Asofa the
result, the strategies
Sponsor. There can andbeactivities
no assurance of AMEthat REIT may be
conflicts of
influenced
interest may bynotthearise
overall
among interests
AMEof the Sponsor.
REIT, the Manager There and canthebeSponsor
no assurance that conflicts
in the future in respect of
interest may not involvements
of the Directors’ arise among AME in theREIT, the Manager
operations, policiesand andthe Sponsor
other business in the future
affairs in respect
of both AME
of the and
REIT Directors’ involvements
the Sponsor. Further, in although
the operations,
Lee Chai policies
and Lee andSai other
Boon business
will notaffairs
receive of any
bothsalary
AME
REIT and the
in respect Sponsor.
of their Further,
executive although
functions LeeManager
in the Chai and(as Leetheir
Sai Boon
executive will not receive
roles in theany salary
Manager
in
arerespect
merelyofan their executive
extension and functions
incidental in the Manager
to their roles(as theirSponsor
in the executive roles inand
Group), the while
Manager this
are merely
reflects an extension
a strong alignmentand incidental
of interest of theto Sponsor
their roles in the
Group in Sponsor
AME REIT, Group),
there is and while
a risk this
of loss
reflects
of such asupport
strong in alignment of interest
the interaction andofbusiness
the Sponsor Groupwith
continuity in AME
tenants REIT, there isis aa substantial
if there risk of loss
of such support in the interaction and business continuity with
reduction of the Sponsor’s interest in AME REIT or similarly a substantial reduction in these tenants if there is a substantial
reduction of theholdings
directors’ direct Sponsor’s interest
in AME REITin AME REIT or
subsequent to similarly
the ROFS, a substantial
in the future. reduction in these
directors’ direct holdings in AME REIT subsequent to the ROFS, in the future.
Potential conflicts of interest relating to the acquisition of properties from the Sponsor
Potential
and rentalconflicts
of propertiesof interest
to therelating
Sponsorto the acquisition of properties from the Sponsor
and rental of properties to the Sponsor
Pursuant to the ROFR, the Manager may in the future recommend that AME REIT acquire
Pursuant to
additional the ROFR,
properties fromthe theManager
Sponsormay and/orin the future recommend
its subsidiaries. In suchthat cases,AMEthe REIT acquire
Manager is
additional properties from the Sponsor and/or its subsidiaries.
required to obtain valuations from independent property valuers and comply with all other In such cases, the Manager is
required
applicabletorequirements
obtain valuations applicablefromtoindependent
such transactions property valuers
pursuant andREIT
to the comply with all There
Guidelines. other
applicable
can be no requirements
assurance that applicable to such transactions
the negotiations with respectpursuant to such to the REITrelated
properties Guidelines.to theThere
sale
can
and be no assurance
purchase of such thatproperties
the negotiations with respect
(in particular, the torepresentations,
such properties warranties related to the sale
and/or
and purchase
indemnities agreed)of suchwill not properties
be adverse (intoparticular,
AME REIT.the representations, warranties and/or
indemnities agreed) will not be adverse to AME REIT.
34
34
34
I Stay, the 70% owned subsidiary of the Sponsor, is the dormitory management arm of the
ISponsor.
Stay, theThe 70% owned
rental incomesubsidiary of theby
contribution Sponsor,
I Stay for is the
the Dormitories
dormitory management
is approximately arm 20.4%
of the
Sponsor. The rental
of Total Revenue for income
the FYEcontribution
2022. This by I Stay forathe
represents Dormitories
significant portionis approximately
of AME REIT’s20.4% Total
of Total Revenue
Revenue before takingfor theinto FYE 2022. the
account Thiscommencement
represents a significant
of rental portion
for Plotof13AME Dorm REIT’s Total
Indahpura
Revenue
with effectbefore
from 15 taking
July into
2022. account
Basedthe on commencement
the Pro Forma Gross of rentalRentalfor Plot 13 Dorm
Income, Indahpura
the Dormitories
with effect from
contributed 27.3% 15 ofJulythe2022. Basedincome
total rental on the of Pro Forma
the Subject Gross Rental Income, the Dormitories
Properties.
contributed 27.3% of the total rental income of the Subject Properties.
Any potential conflict of interest between AME REIT and the Sponsor may have a negative
Any
effectpotential
on AMEconflict REIT’soffinancial
interest between
condition.AME REIT and
However, the Sponsor
the REIT Guidelines may provide
have a that negativeany
effect on AME REIT’s financial condition. However, the
related party transaction must be made on terms which are the best available for a REIT andREIT Guidelines provide that any
related
which are partynotransaction
less favourable must be to madethatonREIT termsthanwhich anare the best
arm’s lengthavailable for a REIT
transaction between and
which are no
independent less favourable to that REIT than an arm’s length transaction between
parties.
independent parties.
The Sponsor has granted a ROFR which will be effective for a period of 5 years from the date
The Sponsor
of Listing. Thehas ROFR grantedmayabe ROFR whichforwill
renewed be effective
another 5 years forsubject
a periodtoofmutual5 years from the date
agreement and
of Listing.that
provided Thethe ROFRManager may remains
be renewed as thefor management
another 5 years subjectoftoAME
company mutual
REIT;agreement
the Sponsor and
provided
holds direct thatand/or
the Manager
indirect remains
interest of as50%the management
or more in thecompany Manager; of the
AME REIT; the
Sponsor holdsSponsor
direct
holds direct and/or indirect interest of 50% or more in the
and/or indirect interest of 20% or more in AME REIT; and AME REIT remains listed on Bursa Manager; the Sponsor holds direct
and/or indirect interest of 20% or more in AME REIT; and AME REIT remains listed on Bursa
Securities.
Securities.
Upon the expiry of the initial period of 5 years, the ROFR granted by the Sponsor may not
Upon the expiry
necessarily of the initial
be renewed. period of 5 the
Furthermore, years, the ROFR
ROFR may be granted by the in
terminated Sponsor
the event may not the
necessarily
aforementioned be conditions
renewed. are Furthermore,
not met. The the ROFR may
non-renewal be terminated
or termination in thein event
may result a reduced the
aforementioned
pool of ready assets conditions
available are fornotAME
met. REIT’s
The non-renewal
consideration or termination
for acquisition mayof result in a reduced
properties.
pool of ready assets available for AME REIT’s consideration for acquisition of properties.
Further details on the ways the Manager mitigate potential conflict of interest can be found in
Further
Section details
12.4.2 of onthisthe Prospectus.
ways the Manager mitigate potential conflict of interest can be found in
Section 12.4.2 of this Prospectus.
Failure to reduce the Shariah non-compliant rental to the permitted threshold
Failure to reduce the Shariah non-compliant rental to the permitted threshold
The computed Shariah non-compliant rental from the Subject Properties is 0.01% of the total
The
rentalcomputed
income based Shariah on non-compliant
the FYE 2022 and rental from
less thanthe Subject
0.01% Properties
of the is 0.01%
total rental incomeofbased the totalon
rental income based on the FYE 2022 and less than 0.01%
the Pro Forma Gross Rental Income. As the Manager does not have control over the tenants' of the total rental income based on
the Pro Forma
business Gross Rental
composition of the Income.
Subject As the Manager
Properties, theredoesis nonot have control
certainty overShariah
that the the tenants'
non-
business
compliant composition
rental will beofbelow the Subject Properties,
the permitted there of
threshold is nolesscertainty
than 5%that the Shariah
of AME REIT’s non- total
compliant
turnover byrentalthe end willofbethe below
10th the permitted
financial threshold
year after of lessThe
the Listing. thanManager
5% of AME REIT’s total
may mitigate this
turnover by the endthe
risk by scrutinising of principal
the 10th financial
businessyear of AME afterREIT’s
the Listing.
futureThe Manager
tenants may that
to ensure mitigate
they this
are
risk by scrutinising
Shariah compliant prior the principal
to entering business
into an of agreement
AME REIT’sand future
seek tenants
certaintowarranties
ensure thatfrom theytheir
are
Shariah
tenants as compliant
to the nature prior of to their
entering into an
activities, agreement
however, thereand is noseek certain
certainty warranties
that the tenants from willtheir
not
tenants
knowingly as or
to inadvertently
the nature of their diverge activities, however,
into Shariah there is no certainty
non-compliant businessthat the tenants
activities in the will not
future.
knowingly or inadvertently diverge into Shariah non-compliant business activities in the future.
If the Shariah non-compliant rental by the end of the 10th financial year after Listing exceeds
If
thethepermitted
Shariah non-compliant
threshold of less rental
thanby5% theatend anyof given
the 10th time,financial year after
the Manager willListing exceeds
be required to
the permitted
channel threshold
the rental revenue of less
obtainedthanfrom5% at suchanytenants
given in time,
excessthe Manager will be threshold
of the permitted required to of
channel
less thanthe 5%rental revenueand/or
to baitulmal obtained from such
charitable tenants
bodies in excess
as advised of the
by the permitted
Shariah threshold
Adviser, and the of
less thannon-compliant
Shariah 5% to baitulmal and/or
rental charitable
cannot bodies as
be distributed advised
to the by the Shariah Adviser, and the
Unitholders.
Shariah non-compliant rental cannot be distributed to the Unitholders.

35
35
35
(L) FEES AND CHARGES

(L) FEES AND CHARGES
There are fees and charges involved and investors are advised to consider them before
There are in
investing feesAMEand charges involved and investors are advised to consider them before
REIT.
investing in AME REIT.
The following is a summary of the amount of certain fees and charges payable by the
The following
Unitholders is a summary
in connection of purchase,
with the the amount ofand
sale certain fees
holding and investments
of their charges payable
in AMEbyREIT
the
Unitholders
or trading ofinthe
connection
Units (so with
longthe purchase,
as the sale
Units are and holding of their investments in AME REIT
listed):
or trading of the Units (so long as the Units are listed):
Payable by the Unitholders directly Amount payable
Payable by the Unitholders directly Amount payable
(a) Bursa Securities clearing fee 0.03% of the transaction value, subject to a
(a) Bursa Securities clearing fee 0.03% of ofthe
maximum transaction
RM1,000.00 value, subject to a
per transaction.
maximum of RM1,000.00 per transaction.
(b) Brokerage A percentage of the transaction value prescribed by
(b) Brokerage A percentage
or negotiated of thethe
with transaction value to
ADAs, subject prescribed
a minimum by
or RM40.00
of negotiatedperwith the ADAs,
transaction subject
save for (i)toonline
a minimum
routed
of RM40.00
retail per transaction
transactions, save forexecuted
(ii) transactions (i) online in
routed
less
retail
than atransactions,
board lot and(ii)(iii)
transactions
transactions executed
paid withincash
less
than a board
upfront, lot and
for which the(iii) transactions
minimum paid with
brokerage feescash
are
upfront, for which
fully negotiable. the minimum brokerage fees are
fully negotiable.
(c) Stamp duty RM1.00 for every RM1,000.00 or fractional part of
(c) Stamp duty RM1.00 for everyvalue,
the transaction RM1,000.00
subject orto fractional
a maximum part of
the transaction
RM200.00 value, subject to a maximum of
per transaction.
RM200.00 per transaction.
The above rates may be subject to changes by the relevant parties. Further information on the
The above
charges yourates
maymay befrom
incur subject
the to changes
trading by the
of Units onrelevant parties. Further
Bursa Securities may be information
found on on the
Bursa
charges you
Securities’ may incur
website from the trading of Units on Bursa Securities may be found on Bursa
at www.bursamalaysia.com.
Securities’ website at www.bursamalaysia.com.
The following is a summary of certain fees and charges payable by AME REIT in connection
The following
with is a summary
the establishment of certain
and on-going fees and charges
management payable of
and operation byAME
AMEREIT.REIT in connection
with the establishment and on-going management and operation of AME REIT.
Payable by AME REIT Amount payable
(a) Management Fees The Manager may elect to receive the Management
(a) (payable
Management
to theFees
Manager) The
FeesManager
in cash or maynew elect
Unitsto or
receive the Management
a combination of cash
(payable to the Manager) Fees new
and in cash or new
Units (as Units
it may or ain combination of cash
its sole discretion
and new Units (as it may in its
determine). The Manager is entitled under the Deed sole discretion
determine). The Manager
to the following Management is entitledFeesunder the Deed
(exclusive of
to the tax,
service following
if any):Management Fees (exclusive of
service tax, if any):
(i) Base Fee
(i) Base Fee
Up to 1.0% per annum of the Total Asset Value
Up to
of AME1.0%REITper annum of the Total
(excluding cash Asset
and Value
bank
of AME REIT (excluding
balances which are held in non-interest cash and / bank
non-
balances which
profit bearing are heldininthe
accounts) non-interest / non-
relevant financial
profit
year. bearing accounts) in the relevant financial
year.
The Manager intends to charge a base fee of
The
0.3%Manager
per annum intends to charge
of the Total AssetaValue
baseoffee of
AME
0.3%
REIT per annum of
(excluding theand
cash TotalbankAsset Value ofwhich
balances AME
REIT (excluding
are held cash and bank
in non-interest balancesbearing
/ non-profit which
are held in non-interest
accounts) for the Forecast Year 2023./ non-profit bearing
accounts) for the Forecast Year 2023.
36
36
36

For avoidance of doubt, where an investment is
heldavoidance
For through one or more
of doubt, SPV,an
where theinvestment
Total Assetis
Value shall include
held through one orthe value
more SPV,of all
thethe assets
Total Assetof
the relevant
Value SPV, prorated,
shall include the valueifofapplicable, to the
all the assets of
proportion
the relevantofSPV,
AMEprorated,
REIT’s interest in thetosaid
if applicable, the
SPV.
proportion of AME REIT’s interest in the said
SPV.
(ii) Performance Fee(1)
(ii) Performance Fee(1)
Up to 5.0% per annum of the NPI.
Up to 5.0% per annum of the NPI.
Note:
Note:
(1) Performance fees have been included in the fees
(1) chargeable
Performanceby managers
fees have been of included
7 out ofin8the
REITs
fees
listed in Malaysia
chargeable since of
by managers 2010. The
7 out of 38 REITs
quoted
listed inbyMalaysia
the Independent
since 2010. Market
TheResearcher
3 REITs
as set out
quoted in Appendix
by the Independent B, namely Axis REIT,
Market Researcher
Atrium
as REITin and
set out Al-Salam
Appendix REIT, which
B, namely have
Axis REIT,
investment
Atrium REITin and industrial properties
Al-Salam REIT,ofwhich
more have
than
10% of theirinrespective
investment industrialtotal investment
properties portfolio,
of more than
do
10% not
ofcharge any performance
their respective fee. It should
total investment be
portfolio,
noted
do notthat Axisany
charge REIT and Atrium REIT
performance fee. Itwere listed
should be
before 2010.
noted that Axis REIT and Atrium REIT were listed
before 2010.
(iii) Acquisition Fee
(iii) Acquisition Fee
1.0% of the acquisition price of each of the
following
1.0% of as theisacquisition
applicable (subject
price oftoeach
thereofbeing
the
no double-counting):
following as is applicable (subject to there being
no double-counting):
(a) in relation to an acquisition (whether directly
(a) or indirectly
in relation to through the Trustee
an acquisition (whether or directly
one or
more SPVs through
or indirectly of AMEthe REIT) of or
Trustee anyoneReal
or
Estate,
more SPVs the transaction
of AME REIT) value ofof any
any Real
Estate
Estate, purchased by AME
the transaction REIT
value of orany
its Real
SPV
(pro-rated, if applicable,
Estate purchased by AME to the
REIT proportion
or its SPV of
AME REIT’sif interest);
(pro-rated, applicable, or to the proportion of
AME REIT’s interest); or
(b) in relation to an acquisition (whether directly
(b) or indirectly
in relation to through one or(whether
an acquisition more SPVs of
directly
AME REIT) of
or indirectly any SPV
through one oror holding
more SPVsentities
of
which
AME REIT) holdsofReal Estate,
any SPV the underlying
or holding entities
value
which of anyReal
holds RealEstate,
Estatethe underlyingif
(pro-rated,
applicable,
value of any to the proportion
Real Estate of(pro-rated,
AME REIT’sif
interest).
applicable, to the proportion of AME REIT’s
interest).
For the avoidance of doubt, no Acquisition Fee
is payable
For with respect
the avoidance to thenoacquisition
of doubt, AcquisitionofFeethe
Subject
is payable Properties in connection
with respect with the Listing
to the acquisition of the
but Acquisition
Subject Feeinisconnection
Properties payable with respect
with to all
the Listing
other transactions
but Acquisition Fee is (including
payable withrelated
respect party
to all
transactions and non-related
other transactions (includingparty transactions
related party
and acquisitions
transactions andfrom AME Group).
non-related party transactions
and acquisitions from AME Group).
37
37
37

(iv) Divestment Fee
(iv) Divestment Fee
0.5% the disposal price of each of the following
as
0.5% is the
applicable
disposal price(subject to there
of each of thebeingfollowingno
double-counting):
as is applicable (subject to there being no
double-counting):
(a) in relation to a disposal (whether directly or
(a) indirectly
in relationthrough the Trustee
to a disposal (whetheror one or more
directly or
SPVs
indirectlyof AME
through REIT)the of any Real
Trustee or oneEstate, the
or more
transaction
SPVs of AMEvalue REIT) of of any anyReal Real Estate
Estate, the
disposed by AME REIT
transaction value of any Real Estate or its SPV (pro-
rated,
disposed if applicable,
by AME to the proportion
REIT or its SPV of AME
(pro-
REIT’s
rated, ifinterest);
applicable, or to the proportion of AME
REIT’s interest); or
(b) in relation to a disposal (whether directly or
(b) indirectly
in relationthrough one or (whether
to a disposal more SPVs of AME
directly or
REIT)
indirectly of any
throughSPVone or or
holding
more entities
SPVs ofwhich
AME
holds
REIT) Real of anyEstate,
SPV or the underlying
holding entitiesvalue
which of
any Real Estate (pro-rated,
holds Real Estate, the underlying value of if applicable, to
the proportion of AME REIT’s
any Real Estate (pro-rated, if applicable, to interest).
the proportion of AME REIT’s interest).
For the avoidance of doubt, the Divestment Fee
is
Forpayable with respect
the avoidance to allthe
of doubt, other transactions
Divestment Fee
(including
is payable related
with respectparty totransactions and non-
all other transactions
related
(including party transactions
related and divestments
party transactions and non- to
AME
related Group), as well as
party transactions and for compulsory
divestments to
acquisitions.
AME Group), as well as for compulsory
acquisitions.
(b) Trustee’s fee AME REIT will pay the Trustee RM15,000.00 as a
(b) (payable
Trustee’sto the Trustee)
fee one-time
AME REIT appointment
will pay the feeTrustee
and an RM15,000.00
annual trusteeship as a
(payable to the Trustee) fee of 0.03% per annum of
one-time appointment fee and an annual the NAV of AME REIT.
trusteeship
Other
fee of than
0.03% this,
perthere
annum will of
be the
no NAV
payment of AME due to the
REIT.
Trustee by way of remuneration for
Other than this, there will be no payment due to theits services upon
the subscription
Trustee by way offorremuneration
or sale of afor Unit
its and uponupon
services any
distributions
the subscriptionof income
for or andsalecapital
of a Unitor otherwise
and uponunder any
the Deed. of income and capital or otherwise under
distributions
the Deed.
(c) Property management fee The Property Manager is entitled to receive
(c) Property management
(payable to the Propertyfee RM20,000.00
The Property (excluding Manager any applicableto tax)
is entitled per
receive
Manager) month (equivalent to RM240,000.00
RM20,000.00 (excluding any applicable tax) per (excluding any
(payable to the Property
applicable tax) per to
month (equivalent annum) for the management
RM240,000.00 (excluding and any
Manager)
operation
applicable of tax)theperSubject
annum) Properties. In addition, and
for the management the
Property
operation ofManager
the Subject is Properties.
also entitled In addition, to the full
reimbursement
Property Manager of costs is and also expenses
entitled properly
to full
incurred
reimbursement in the operation,
of costs maintenance
and expenses and
properly
management
incurred in ofthe the Subject
operation,Properties, including fees
maintenance and
and reimbursements
management for similar
of the Subject permissible
Properties, expenses
including fees
payable to its services provider(s).
and reimbursements for similar permissible expenses
payable to its services provider(s).
38
38
38

(d) Other REIT expenses These include:
(d) Other REIT expenses These include:fee;
(a) auditor’s
(b) auditor’s
(a) valuation fee;fee;
(c) Shariah
(b) valuationadvisory
fee; fees;
(d) reporting
(c) fees; fees;
Shariah advisory
(e)
(d) financing costs;
reporting fees;
(f)
(e) annual
financing listing fee;
costs;
(g)
(f) tax
annualconsultant’s
listing fee;fee;
(h)
(g) other professional
tax consultant’s fees;
fee;
(i) printing, posting
(h) other professional fees; and general expenses that are
(i) directly related and
printing, posting to general
and necessary for are
expenses that the
administration
directly related of AME
to andREIT;necessary
and for the
(j) all other expenses
administration of AMErelated to AME REIT as
REIT; and
(j) provided
all other for in the Deed.
expenses related to AME REIT as
provided for in the Deed.
For the avoidance of doubt, any rebates and soft commissions shall be paid in accordance with
the REIT
For Guidelines.
the avoidance For further
of doubt, details and
any rebates of the
softfees and charges,
commissions shallplease refer
be paid to Section 3.11
in accordance with
“Brokerage,
the Commissions
REIT Guidelines. and Other
For further Fees
details and
of the feesCharges”,
and charges,Section 6.6 “Management
please refer to SectionFees”,
3.11
Section 8.5 “Trustee’s
“Brokerage, CommissionsFee”and
and Other
Section 10.5and
Fees “Property Management
Charges”, Section 6.6 Fee” of this Prospectus.
“Management Fees”,
Section 8.5 “Trustee’s Fee” and Section 10.5 “Property Management Fee” of this Prospectus.

39
39
39
1.
1. DETAILED
DETAILED INFORMATION
INFORMATION ON
ON AME
AME REIT
REIT
1. DETAILED INFORMATION ON AME REIT
1.1
1.1 OVERVIEW OF
OVERVIEW OF AME
AME REIT
REIT
1.1 OVERVIEW OF AME REIT
Investment
Investment PolicyPolicy
Investment Policy
AME
AME REIT
REIT is is an
an Islamic
Islamic REIT REIT established
established withwith the
the principal
principal investment
investment policy
policy of
of investing,
investing,
directly
AME REIT
directly and
and isindirectly,
an Islamic
indirectly, in a Shariah-compliant
in aREIT established with
Shariah-compliant portfolio of income
the principal
portfolio of income producing
investment Real
producingpolicy
Real ofEstate used
investing,
Estate used
primarily
directly for
and industrial
indirectly, and
in a industrial-related
Shariah-compliant purposes
portfolio in
of Malaysia
income and overseas.
producing
primarily for industrial and industrial-related purposes in Malaysia and overseas. The current Real The
Estatecurrent
used
focus of
primarily AME
for REIT
industrial is on
and Real Estate in
industrial-related Malaysia
purposes and
in overseas
Malaysia
focus of AME REIT is on Real Estate in Malaysia and overseas investment has not been investment
and overseas.hasThe not been
current
determined.
focus of AMEAME
determined. AME
REITREIT
REIT may
is onmay Realalso invest
Estate
also in
in in
invest other investments
Malaysia
other investments
and overseas as investment
as permissiblehas
permissible in the
in the REIT
not REIT
been
Guidelines
determined.or
Guidelines orAME as otherwise
as otherwise
REIT may permitted by the
also invest
permitted by theinSC.
SC. Anyinvestments
other
Any material change
material change to the
the investment
investment
as permissible
to policy
in the policy
REIT
of AME REIT
Guidelines
of AME REIT must
or must be approved
approved
as otherwise
be by the
permitted
by thebyUnitholders
Unitholders
the SC. Any bymaterial
by way of
way of a
achange
resolution of not
to the
resolution of not less than
investment
less thanpolicy
two-
two-
thirds
of AME
thirds of the
of REIT votes given
mustgiven
the votes on
be approved poll at
on poll atby a Unitholders’
the Unitholders
a Unitholders’ meeting
by way
meeting duly
duly convened
ofconvened and
a resolution held
andofheld in
not in accordance
less than two-
accordance
with the
thirdsthe
with Deed.
of the
Deed.votes given on poll at a Unitholders’ meeting duly convened and held in accordance
with the Deed.
The Manager’s
The Manager’s key key objective
objective is is to
to provide
provide Unitholders
Unitholders with
with aa stable
stable and
and growing
growing distribution
distribution of
of
income and
The Manager’s
income to achieve long-term
key objective
and to achieve long-term growth
is togrowth in the NAV
provideinUnitholders
the NAV perper Unit.
with a stable and growing distribution of
Unit.
income and to achieve long-term growth in the NAV per Unit.
1.2
1.2 STRUCTURE OF
STRUCTURE OF AME
AME REITREIT
1.2 STRUCTURE OF AME REIT
The following
The following diagram
diagram illustrates
illustrates the
the structure
structure of of AME
AME REITREIT andand indicates
indicates the
the relationship
relationship
between AME
The following
between REIT,
AME REIT,diagramthe Manager,
theillustrates the Trustee, the
structurethe
Manager, the Trustee, Property
of Property
AME REIT Manager, the Shariah
and indicates
Manager, Adviser
the Adviser
the Shariah and
relationship
and
the
the Unitholders.
between AME REIT, the Manager, the Trustee, the Property Manager, the Shariah Adviser and
Unitholders.
the Unitholders.
1.3
1.3 STRATEGIES
STRATEGIES
1.3 STRATEGIES
For the
For the first
first 55 years
years after
after the
the listing
listing ofof AME
AME REIT,
REIT, thethe Manager
Manager intends
intends to to achieve
achieve thethe
investment
investment objectives
For the firstobjectives through
5 years through the implementation
after thethelisting of AME REIT,
implementation of the
of thethefollowing
Manager
following strategies:
intends to achieve the
strategies:
investment objectives through the implementation of the following strategies:
(i)
(i) Acquisition
Acquisition growth
growth strategy
strategy – – The
The Manager
Manager will will leverage
leverage on on AME
AME Group’s
Group’s future
future
(i) property
Acquisition development
growth projects
strategy
property development projects as
– well
The as third
Manager party
willproperties
leverage to
on source
AME for and
Group’s
as well as third party properties to source for and acquire acquire
future
properties within (1) that fit within AME REIT’s investment strategy to generate
properties within Malaysia
property development projects
Malaysia asfit
(1) that well as third
within AMEparty properties
REIT’s investmentto source for and
strategy acquire
to generate
stable cash
properties
stable flows
cashwithin and
and potential
flows Malaysia for
forfitlong-term
(1) that
potential within AME
long-term income
REIT’s
income and capital
capital growth;
andinvestment strategy to generate
growth;
stable cash flows and potential for long-term income and capital growth;
(ii)
(ii) Proactive
Proactive asset
asset management
management strategy strategy – – The
The Manager
Manager will will seek
seek toto optimise
optimise andand
(ii) maintain
Proactive high occupancy
asset rates,
management achieve
strategy stable
– Therental growth
Manager
maintain high occupancy rates, achieve stable rental growth and maximise and
will maximise
seek to investment
optimise and
investment
returns;
maintainand
returns; high occupancy rates, achieve stable rental growth and maximise investment
and
returns; and
(iii) Capital
(iii) Capital andand risk
risk management strategy –
management strategy – The
The Manager
Manager intends
intends to to optimise
optimise AME
AME REIT’s
REIT’s
capital structure
Capital structure
(iii) capital and cost
and risk management of capital
strategy
and cost of capital within the
– Thethe
within financing
Manager
financing limits
intends
limits set out
to optimise
set out inin
AME the REIT
theREIT’s
REIT
Guidelines
Guidelines and
capital structure intends to
and cost
and intends use
to use a combination
of acapital of
within of
combination theIslamic financing
financing
Islamic and
limitsand
financing equity
setequity financing
out infinancing
the REIT to
to
fund future
Guidelines acquisitions
and intends and
to use capital
a expenditure.
combination
fund future acquisitions and capital expenditure. of Islamic financing and equity financing to
fund future acquisitions and capital expenditure.
40
40
40
40
1.
1.
1. DETAILED
DETAILED
INFORMATION
INFORMATION ON
ON
ON AME
AME
AME REIT
REIT
REIT (Cont’d)
(Cont’d)
(Cont’d)
1.
1.
1. DETAILED
INFORMATION
DETAILED INFORMATION ON
ON
INFORMATION ON
ON AME
AME REIT
REIT
AME REIT
REIT (Cont’d)
(Cont’d)
(Cont’d)
1. DETAILED AME (Cont’d)
Note:
Note:
Note:
Note:
Note:
Note:
Note:
(1)
(1)
(1) The
The
The CEO
CEO
CEO is
is
is also
also
also mandated
mandated
mandated to
to
to source
source
source properties
properties
properties situated
situated
situated outside
outside
outside of
of
of Johor,
Johor,
Johor, with
with
with specific
specific
specific
(1)
(1)
(1) The
The
The CEO
CEO
CEO is
is
is also
also
also mandated
mandated
mandated to
to
to source
source
source properties
properties
properties situated
situated
situated outside
outside
outside of
of
of Johor,
Johor,
Johor, with
with
with specific
specific
specific
(1) focus
focus
The
focus on
on
CEO
on the
the
is
the central
central
also
central and
and
mandated
and northern
northern
to
northern regions
regions
source of
of
properties
regions of Peninsular
Peninsular
situated
Peninsular Malaysia
Malaysia
outside
Malaysia as
as
of
as set
set
Johor,
set out
out in
in
with
out in Section
Section
specific
Section
focus
focus
focus on
on
on the
the
the central
central
central and
and
and northern
northern
northern regions
regions
regions of
of
of Peninsular
Peninsular
Peninsular Malaysia
Malaysia
Malaysia as
as
as set
set
set out
out
out in
in
in Section
Section
Section
2.2.6.1.
2.2.6.1.
focus
2.2.6.1.on the central and northern regions of Peninsular Malaysia as set out in Section
2.2.6.1.
2.2.6.1.
2.2.6.1.
2.2.6.1.
The
The
The Manager
Manager
Manager acknowledges
acknowledges
acknowledges the
the
the importance
importance
importance of
of
of ESG
ESG
ESG impact
impact
impact when
when
when developing
developing
developing business
business
business
The
The
The Manager
Manager
Manager acknowledges
acknowledges
acknowledges the
the the
the importance
importance
importance of
of ESG
of ESG
ESG impact
impact
impact when
when developing
when developing
developing business
business
business
strategies
strategies
The Manager
strategies of
of
of AME
AME REIT.
REIT.
acknowledges
AME REIT. As
As
As such,
such,
the
such, the Manager
Manager
importance
the Manager and
and
of
and its
its
ESG
its Board
Board
Boardimpact is
is
is committed
committed
when
committed to
to
to adhere
adhere
developing
adhere to
to
to good
good
business
good
strategies
strategies of
strategies of AME
of AME
AME REIT.
REIT.
REIT. As
As
As such, the
such,described
such, Manager
the Manager
the Manager and
and its
and its Board
its6.15
Board
Board is committed
is committed
is committed to adhere
adhere to
to adhere
to to good
to good
good
sustainability
sustainability
strategies of
sustainability practices
practices
AME REIT.
practices as
as
as further
further
As such,
further described
the
describedManagerin
in
in Section
Section
and
Section its6.15
Board
6.15 of
of
of this
this
is
this Prospectus.
Prospectus.
committed
Prospectus. to adhere to good
sustainability practices as as further
as further described
further described
described in in Section
in Section
Section 6.15 6.15
6.15 of of this
of this Prospectus.
this Prospectus.
Prospectus.
1.3.1
1.3.1
1.3.1 Acquisition
Acquisition
Acquisition growth
growth
growth strategy
strategy
strategy
1.3.1
1.3.1
1.3.1 Acquisition
Acquisition
Acquisition growth
growth
growth strategy
strategy
strategy
1.3.1 Acquisition growth strategy
Whilst
Whilst
Whilst AME
AME
AME REIT
REIT
REIT will
will
will have
have
have an
an
an initial
initial
initial portfolio
portfolio
portfolio immediately
immediately
immediately upon
upon
upon Listing,
Listing,
Listing, the
the
the Manager,
Manager,
Manager, on
on
on behalf
behalf
behalf
Whilst
Whilst
Whilst AME
AME
AME REIT
REIT
REIT will
will
will have
have
have an
an
an initial
initial
initial portfolio
portfolio
portfolio immediately
immediately
immediately upon
upon
upon Listing,
Listing,
Listing, the
the
the Manager,
Manager,
Manager, on
on
on behalf
behalf
behalf
of
of AME
AME
Whilst
of AME REIT,
REIT,
AME
REIT, will
will
REIT
will leverage
leverage
will have
leverage on
on
an
on AME
AME
initial
AME Group’s
Group’s
portfolio
Group’s future
future
immediately
future property
property
propertyupon development
development
Listing,
development the projects
projects
Manager,
projects as
as
on
as well
well
behalf
well as
as
as
of
of
of AME
AME
AME REIT,
REIT,
REIT, will
will
will leverage
leverage
leverage on
on
on AME
AME
AME Group’s
Group’s
Group’s future
future
future property
property
development
development projects
projects
projects as
as
as well
well
well as
as
as
third
third
of party
party
AME
third party properties
properties
REIT, will
properties to
to
leverage
to pursue
pursue
pursue on opportunities
opportunities
AME Group’s
opportunities for
for acquisitions
acquisitions
future
for property
acquisitions of
of assets
assets
development
of assets within
within
within Malaysia
Malaysia
projects
Malaysia as
(1)
(1)
(1) that
that
well
that fit
fit
as
fit
third
third
third party
party
party properties
properties
properties to
to
to pursue
pursue
pursue opportunities
opportunities
opportunities for
for
for acquisitions
acquisitions
acquisitions of
of
of assets
assets
assets within
within
within Malaysia
Malaysia
Malaysia
(1) that
(1) that
(1) that fit
fit
fit
within
within
third
within AME
AME
party
AME REIT’s
REIT’s
properties
REIT’s investment
investment
to pursue
investment strategy
strategy
opportunities
strategy to
to
to generate
generate
for stable
stable
acquisitions
generate stable cash
cash
of
cash flows
flows
assets
flows and
and
within
and potential
potential
Malaysia
potential for
for
(1)
for long-
long-
that
long-fit
within
within AME
withinincome
AME REIT’s
AME REIT’s
REIT’s investment
investment
investment strategy
strategy to
strategy to generate
to generate
generate stable stable
stable cash cash flows
cash flows
flows and and potential
and potential
potential forfor long-
for long-
long-
term
term
within
term income
AME
income and
and
REIT’s
and capital
capital
capital growth.
growth.
investment
growth. strategy to generate stable cash flows and potential for long-
term
term income
term income and
income and capital
and capital growth.
capital growth.
growth.
term income and capital growth.
In
In
In evaluating
evaluating
evaluating future
future
future acquisition
acquisition
acquisition opportunities,
opportunities,
opportunities, the
the
the Manager
Manager
Manager will
will
will be
be
be sourcing
sourcing
sourcing for
for
for properties
properties
properties that
that
that
In
In
In evaluating
evaluating
evaluating future
future
future acquisition
acquisition
acquisition opportunities,
opportunities,
opportunities, the
the
the Manager
Manager
Manager will
will
will be
be
be sourcing
sourcing
sourcing for
for
for properties
properties
properties that
that
that
will
will
In
will be
be beneficial
beneficial
evaluating
be for
for
future
beneficial for AME
AME REIT
REIT
acquisition
AME REIT by
by undertaking
undertaking
opportunities,
by undertaking theacquisitions
acquisitions
Manager
acquisitions of
of
will
of assets
assets
be
assets that
that
sourcing
that are
are
for
are potentially
potentially
properties
potentially yield
yield
that
yield
will
will
will be
be
be beneficial
beneficial
beneficial for
for
for AME
AME
AME REIT
REIT
REIT by
by
by undertaking
undertaking
undertaking acquisitions
acquisitions
acquisitions of
of
of assets
assets
assets that
that
that are
are
are potentially
potentially
potentially yield
yield
yield
accretive
accretive
will and
and
be beneficial
accretive and with
with potential
potential
for potential
with AME REIT for
for
for improvement,
improvement,
byimprovement, such
such
undertaking acquisitions
such that
that
that the
the Unitholders
Unitholders
of assets
the Unitholdersthat are are
are
are able
able
able to
to
potentially
to enjoy
enjoy
yield
enjoy
accretive
accretive
accretive and
and
and with
with potential
potential
with potential
potential for
for improvement,
improvement,
for improvement,
improvement, such
such
such that
that the
the
thatifif the
the Unitholders
Unitholders
Unitholders are
are
are able
able
able toto
to enjoy
enjoy
to enjoy
enjoy
enhanced
enhanced
accretive
enhanced the
the
and
the DPU
DPU
with
DPU and
and
and potential
potential
for
potential capital
capital
capital gains
gains
gains in
in
such
in future
future
that
future if such
such
such acquisition
acquisition
Unitholders
acquisition opportunities
opportunities
are able
opportunities are
are
are
enhanced
enhanced
enhanced the DPU
the DPU
the DPU and and potential
and potential capital
potential capital gains
capital gains
gains in in future
in future if such
future ifif such acquisition
such acquisition opportunities
opportunities are
acquisition opportunities are
are
realised.
realised.
enhanced
realised. the DPU and potential capital gains in future if such acquisition opportunities are
realised.
realised.
realised.
realised.
The
The
The Manager
Manager
Manager will
will
will also
also seek
seek to
to enhance
enhance diversification
diversification of
of the
the portfolio
portfolio by
by location
location and
and tenant
tenant
The
The
The Manager
Manager
Manager
profile to will also
will
will
maintain
also
also
also
an
seek
seek to
seek
seek
optimal
to
to
to
mix
enhance
enhance
enhance
enhance
of
diversification
diversification
diversification
diversification
quality properties and
of
of the
of
of the
the
the
portfolio
portfolio
portfolio
portfolio
tenants in AME
by
by location
location
by REIT’s
by
and
and tenant
and
locationportfolio.
location and tenant
tenant
tenant
profile
The
profile
profile to
to
to maintain
Manager will
maintain
maintain an
also
an
an optimal
seek
optimal
optimal mix
to
mix
mix of
enhance
of
of quality
quality
quality properties
diversification
properties
properties and
and
andof tenants
the
tenants
tenants in
portfolio
in
in AME
AME
AME by REIT’s
location
REIT’s
REIT’s portfolio.
and tenant
portfolio.
portfolio.
profile
profile to
to maintain
maintain an
an optimal
optimal mix
mix of
of quality
quality properties
properties and
and tenants
tenants in
in AME
AME REIT’s
REIT’s portfolio.
portfolio.
profile to maintain an optimal mix of quality properties and tenants in AME REIT’s portfolio.
Note:
Note:
Note:
Note:
Note:
Note:
Note:
(1)
(1)
(1) The
The
The CEO
CEO
CEO is
is
is also
also
also mandated
mandated
mandated to
to
to source
source
source properties
properties
properties situated
situated
situated outside
outside
outside of
of
of Johor,
Johor,
Johor, with
with
with specific
specific
specific
(1)
(1)
(1) The
The
The CEO
CEO
CEO is
is also
is also
also mandated
mandated
mandated to source
to source
to source properties
properties
properties situated
situatedMalaysia
situated outside
outside of
outside of Johor,
ofasJohor,
Johor, with
with
with specific
specific
specific
(1) focus
focus
The
focus on
on
CEO
on the
the
is
the central
central
also
central and
and
mandated
and northern
northern
to
northern regions
regions
source of
of
properties
regions of Peninsular
Peninsular
situated
Peninsular Malaysia
outside
Malaysia as
of
as set
set
Johor,
set out
out in
in
with
out in Section
Section
specific
Section
focus
focus
focus on
on
on the
the
the central
central
central and
and
and northern
northern
northern regions
regions
regions of
of
of Peninsular
Peninsular
Peninsular Malaysia
Malaysia
Malaysia as
as
as set
set
set out
out
out in
in
in Section
Section
Section
2.2.6.1.
2.2.6.1.
focus
2.2.6.1.on the central and northern regions of Peninsular Malaysia as set out in Section
2.2.6.1.
2.2.6.1.
2.2.6.1.
2.2.6.1.
(i)
(i)
(i) Investment
Investment
Investment Criteria
Criteria
Criteria
(i)
(i)
(i) Investment Criteria
Investment
Investment Criteria
Criteria
(i) Investment Criteria
In
In
In evaluating
evaluating
evaluating acquisition
acquisition
acquisition opportunities
opportunities
opportunities for
for
for AME
AME
AME REIT
REIT
REIT from
from
from third
third
third parties
parties
parties and
and
and AME
AME
AME Group,
Group,
Group,
In evaluating
In
In evaluating acquisition
evaluating acquisition opportunities
acquisition opportunities for
opportunities for AME
for AME REIT
AME REIT from
REIT from third
from third parties
third parties and
parties and AME
and AME Group,
AME Group,
Group,
the
the
In
the Manager
Manager
evaluating
Manager will
will consider
consider
acquisition
will consider the
the following
following
opportunities
the following key
key
for
keyAME investment
investment
REIT
investment criteria:
criteria:
from third
criteria: parties and AME Group,
the
the
the Manager
Manager will
will consider
consider the
the following
following key
key investment
investment criteria:
criteria:
the Manager
Manager willwill consider
consider the the following
following keykey investment
investment criteria:criteria:
(a)
(a)
(a) Yield
Yield accretion
accretion
Yield accretion
accretion – –
– the
the
– the Manager
Manager
the Manager
Manager will will
will seek
seek
will seek
seek to to
to acquire
acquire
to acquire potentially
potentially
acquire potentially
potentially yield yield
yield accretive
accretive
yield accretive
accretive
(a)
(a)
(a) Yield
Yield
Yield accretion
accretion –
– the
the Manager
Manager will
will seek
seek to
to acquire
acquire potentially
potentially yield
yield accretive
accretive
(a) income-producing
income-producing
Yield accretion
income-producing – properties
properties
the Manager
properties that
that
that will
will
will
willseekenhance
enhance
to
enhance acquirethe
the
the distribution
distribution
potentially
distribution and
and
yield
and yield
yield
accretive
yield to to
to
to
income-producing
income-producing
income-producing properties
properties
properties that
that
that will
will
will enhance
enhance
enhance the
the
the distribution
distribution
distribution and
and
and yield
yield
yield to
to
Unitholders
Unitholders
income-producing
Unitholders as
as
as well
well
well as
as bring
bring
properties
as bring potential
potential
that
potential growth
growth
will to
to
enhance
growth to AME
AME
AME theREIT.
REIT.
REIT.distribution and yield to
Unitholders
Unitholders
Unitholders as
as
as well
well
well as
as
as bring
bring
bring potential
potential
potential growth
growth
growth to
to
to AME
AME
AME REIT.
REIT.
REIT.
Unitholders as well as bring potential growth to AME REIT.
(b)
(b)
(b) Quality
Quality of
Quality of
of existing
of existing
existing tenants
existing tenants
tenants –
tenants –
– the
– the
the Manager
the Manager
Manager will
Manager will seek
will seek
will seek out
seek out tenanted
out tenanted
out properties
tenanted properties
tenanted properties with
properties with
with
with
(b)
(b)
(b) Quality
Quality
Quality of
of existing
existing tenants
tenants –
– the
the Manager
Manager will
will seek
seek out
out tenanted
tenanted properties
properties with
with
(b) tenants
tenants
Quality
tenants that
that
of
that have
have
existing
have good
good
tenants
good financial
financial
–
financialthe standing
standing
Manager
standing and
and
will
and credit
credit
seek
credit quality
quality
out tenanted
quality to
to
to maximise
maximise
properties
maximise tenant
tenant
with
tenant
tenants
tenants
tenants that
that
that have
have
have good
good
good financial
financial
financial standing
standing
standing and
and
and credit
credit
credit quality
quality
quality to
to
to maximise
maximise
maximise tenant
tenant
tenant
retention
retention
tenants
retention rate
rate
that
rate and
and
have
and minimise
minimise
good
minimise rental
rental
financial
rental delinquency
delinquency
standing
delinquency and and
and
credit
and turnover.
turnover.
quality
turnover. A
A
Ato key
key consideration
consideration
maximise
key tenant
consideration
retention rate
retention
retention rate and
rate and minimise
and minimise rentalrental delinquency
delinquency and and turnover.
turnover. A A key
key consideration
consideration
will
will be
be
retention
will
will be
be
the
the
the
therate and minimise
impact
impact
impact
impact
of
of an
an
minimise
of
of an
an
rental
rental delinquency
acquisition
acquisition
acquisition
acquisition
on
on AME
AME
delinquency
on
on AME
AME
and
and turnover.
REIT’s
REIT’s
REIT’s
REIT’s
overall
overall
turnover.
overall
overall
A
A key
key consideration
tenant
tenant
tenant
tenant
portfolio
portfolio
portfolio and
consideration
portfolio and
and
and
will
will be
be
tenancy the
the impact
impact
expiry of
of
profile. an
an acquisition
acquisition on
on AME
AME REIT’s
REIT’s overall
overall tenant
tenant portfolio
portfolio and
and
tenancy
will be
tenancy
tenancy expiry
the impact
expiry
expiry profile.
of
profile.
profile. an acquisition on AME REIT’s overall tenant portfolio and
tenancy expiry
tenancy expiry profile.
profile.
tenancy expiry profile.
(c)
(c)
(c) Location
Location
Location –
–
– Properties
Properties should
should be
be located
located in
in prime
prime locations
locations and
and the
the Manager
Manager will
will
(c)
(c)
(c) Location
Location
evaluate – Properties
–
– Properties
Location properties
Properties
Properties in
should
should
should
should
terms
be
be located
located in
located
be accessibility
be
of located in prime
in
in prime
prime
primeand
locations
locations
locations
locations
proximity
and
and
and
and
to
the
the Manager
the
the
major
Manager
Manager
Manager
roads
will
will
will
will
and
(c) evaluate
Location
evaluate
evaluate properties
– Properties
properties
properties in
in
in terms
should
terms
terms of
be
of
of accessibility
located
accessibility
accessibility in primeand
and
and proximity
locations
proximity
proximity to
and
to
to major
the
major
major roads
Manager
roads
roads and
will
and
and
evaluate
evaluate
public properties in
properties
transportation, in the
terms
terms of accessibility
of accessibility
immediate and and proximity
and
surrounding proximity to major
to major areas
catchment roads and
roads and
public
evaluate
public
public transportation,
properties
transportation,
transportation, in the
terms
the immediate
of
immediate
the immediate
immediate and and
accessibility
and surrounding
and
surrounding
and surrounding proximity
surrounding catchment catchment
to major
catchment
catchment areas areas
roads
areas
areas and and
and
public
public transportation,
transportation, the
transportation, the
competition.
competition.
public
competition.
competition. the immediate
immediate and and surrounding
surrounding catchment catchment areas areas and and
competition.
competition.
competition.
(d)
(d)
(d) Capital
Capital
Capital appreciation
appreciation
appreciation –
– The
– The
The management
management
management will
will
will seek
seek
seek to
to
to acquire
acquire
acquire quality
quality
quality Real
Real
Real Estate
Estate
Estate
(d)
(d)
(d) Capital
Capital
Capital appreciation
appreciation
appreciation –
–
– The
The
The management
management
management will
will
will seek
seek to
to acquire
acquire quality
quality Real
Real Estate
Estate
(d) with
with potential
potential
Capital
with
with
for
for
appreciation
potential
potential for
for
market
market
market
market
value
value
– The
value
value
appreciation.
appreciation.
management
appreciation.
appreciation. will seek to acquire quality Real Estate
seek to acquire quality Real Estate
with potential
with potential for for market
market valuevalue appreciation.
appreciation.
with potential for market value appreciation.
(e)
(e)
(e) Value
Value
Value adding
adding
adding opportunities
opportunities
opportunities and
and
and asset
asset
asset enhancement
enhancement
enhancement potential
potential
potential –
–
– The
The
The Manager
Manager
Manager
(e)
(e)
(e) Value
Value
Value adding
adding
adding opportunities
opportunities
opportunities and
and
and asset
asset
asset enhancement
enhancement
enhancement potential
potential
potential –
– The
– The
The Manager
Manager
Manager
(e) will
will
Value
will seek
seek
seek to
to
adding
to acquire
acquire properties
properties
opportunities
acquire properties with
with
and
with potential
potential
asset
potential opportunities
opportunities
enhancement
opportunities to
to increase
increase
potential
to increase – rental
rental
The
rental rates,
rates,
Manager
rates,
will
will seek
will seek
seek to to acquire
to acquire
acquire properties
properties
properties with
with
with potential
potential
potential opportunities
opportunities
opportunities to
to
to increase
increase
increase rental
rental rates,
rental rates,
rates,
occupancy
occupancy
will seek
occupancy to rates
rates
acquire
rates and
and enhance
enhance
properties
and enhance value
value
with through
through
potential
value through proactive
proactive
opportunities
proactive property
property
to increase
property management,
management,
rental
management, rates,
occupancy
occupancy
occupancy rates
rates
rates and
and
and enhance
enhance
enhance value
value
value through
through
through proactive
proactive
proactive property
property
property management,
management,
management,
including
including
occupancy
including but
but
butratesnot
not
not limited
limited
and enhance
limited to,
to,
to, asset
asset
value
asset enhancement
enhancement
through
enhancement proactive initiatives,
initiatives,
property
initiatives, renovations
renovations
management,
renovations or
or
or
including
including
including but
but
but not
not
not limited
limited
limited to,
to,
to, asset
asset
asset enhancement
enhancement
enhancement initiatives,
initiatives,
initiatives, renovations
renovations
renovations or
or
or
refurbishments.
refurbishments.
including
refurbishments.but not limited to, asset enhancement initiatives, renovations or
refurbishments.
refurbishments.
refurbishments.
refurbishments.
41
41
41
41
41
41
41
41
1. DETAILED INFORMATION ON AME REIT (Cont’d)
(f) Building design and specifications – Potential properties for acquisition should
(f) Building
have gooddesign
qualityand specifications
specifications which–are Potential properties
in compliance withforbuilding
acquisition should
and zoning
have good quality
regulations. At the specifications
same time, thewhich design are in compliance
should, as much with building be
as possible, and zoning
versatile
regulations.
such At the same
that it would appealtime,to as the design
many should,tenants
potential as much asas possible,The
possible. be versatile
age and
such that itofwould
condition the appeal
buildingtowill as many
also potential
be considered, tenants taking
as possible. The age and
into account any
condition of ifthe
assessment, buildingbywill
necessary, also be experts
independent considered, taking
relating into account
to repairs, maintenance any
assessment,
and if necessary,
capital expenditure by independent
requirements in the experts
short to relating to repairs, maintenance
medium-term.
and capital expenditure requirements in the short to medium-term.
Any acquisitions of future properties will be made in compliance with the Deed, the REIT
Any acquisitions
Guidelines and anyof future
otherproperties
Relevant will Laws beand
made in compliancetaking
Requirements, with the Deed,
into the REIT
consideration
Guidelines
the current and any other
maximum Relevant
permissible debtLaws and
level of Requirements,
50.0% of the Total taking into Value
Asset consideration
of AME
the current
REIT at the maximum permissible
time any financing debt level of 50.0% of the Total Asset Value of AME
is incurred.
REIT at the time any financing is incurred.
(ii) Acquisition Opportunities from AME Group
(ii) Acquisition Opportunities from AME Group
After the Listing, the Manager will leverage on AME Group’s pipeline of property
After the Listing,
development projectsthe to Manager
source for will high
leverage
qualityonindustrial
AME Group’s pipeline
properties, of property
dormitories and
development projects to source for high quality industrial properties, dormitories and
warehouses.
warehouses.
In terms of on-going industrial property projects by AME Group, as at the LPD, there are
In terms
still of on-going
ongoing propertyindustrial propertybyprojects
developments AME Group. by AMEFurther,
Group, as AME at the LPD,isthere
Group are
actively
still ongoing property developments by AME Group. Further,
pursuing land banking to further expand its portfolio of industrial park development AME Group is actively
pursuinggoing
projects land forward,
banking for to example:
further expand its portfolio of industrial park development
projects going forward, for example:
(a) on 30 December 2020, 2 of AME’s wholly-owned subsidiaries had entered into 2
(a) on 30 December
conditional sales and2020, 2 of AME’s
purchase wholly-owned
agreements with UEM subsidiaries
Land Berhad had entered into 2
and Nusajaya
conditional sales and purchase agreements with UEM Land
Heights Sdn Bhd to acquire a total of 72 plots of freehold industrial land measuring Berhad and Nusajaya
Heights
169.8 Sdn Bhd
acres to acquire
in total in SiLCato total
be of 72 plots ofinto
developed freehold
AME industrial land measuring
Group’s fourth managed
169.8 acres
industrial park,in total in SiLC to
i-TechValley in be developed
SiLC, for which into AME Group’s
conditions fourthhave
precedent managedbeen
industrial
fulfilled forpark, i-TechValley
the acquisition in SiLC,
of 57 for of
plots out which conditions
the total 72 plotsprecedent
as at the have
LPD. been
AME
fulfilledsoft
Group for the acquisition
launched of 57 plots
i-TechValley out of
in SiLC inthe total2022.
March 72 plots as at the LPD. AME
Group soft launched i-TechValley in SiLC in March 2022.
(b) AME Group is actively seeking opportunities to develop industrial parks in other
(b) AME Group
areas is actively
of Peninsular seekingwith
Malaysia, opportunities
focus on the to central
develop andindustrial
northernparks in other
regions.
areas of Peninsular Malaysia, with focus on the central and northern regions.
For a period of 5 years from Listing, AME REIT will have access to future acquisition
For a period of any
opportunities 5 years from property
industrial Listing, AME REIT will
or dormitory withhave access
leasing to future
or tenancy acquisition
arrangement
opportunities
from AME and of its
anywholly-owned
industrial property or dormitory
subsidiaries as well withasleasing or tenancy arrangement
Ipark Development, subject to
from AME
certain and its wholly-owned
conditions. The ROFR is subsidiaries
expected to as well asthe
increase Ipark Development,
pipeline of assetssubject
for AME to
certainFurther
REIT. conditions.
details The ROFR
of the ROFR is expected
are set out to inincrease
Section the 15.4pipeline of assets for AME
of this Prospectus.
REIT. Further details of the ROFR are set out in Section 15.4 of this Prospectus.
As at the LPD, the Manager has identified the following properties belonging to AME
As at the
Group LPD, thepipeline
as potential Manager has
to be identified
acquired the following
by AME REIT withinproperties
12 months belonging
from thetoListing
AME
Group as potential pipeline to be acquired by AME REIT within 12 months from the Listing
Date:
Date:
Estimated Targeted Lease
Development Potential Estimated
GFA Targeted
Commencement Lease Expected
Development
Project Potential
Pipeline GFA
(sq ft) Commencement
Date Expected
Lease Term
Project Pipeline (sq ft) Date Lease Term
i-Park @ SAC Plot 43 56,814.44 Q3 2022 Fixed 10 Years
i-Park @ SAC Plot 43 56,814.44 Q3 2022 Fixed 10 Years
i-Park @ Indahpura (i) Plot 15 101,764.26 Q3 2022 Fixed 10 Years
i-Park @ Indahpura (i) Plot 15 101,764.26 Q3 2022 Fixed 10 Years
(ii) Plot 16 98,249.38 Q3 2023 Fixed 10 Years
(ii) Plot 16 98,249.38 Q3 2023 Fixed 10 Years
42
42
42
(iii) Participation in Property Development
Subject to compliance with the REIT Guidelines in relation to the maximum level of
permitted investments in property development, the Manager may eventually explore
investing in development land and undertaking industrial property development activities
for the purpose of leasing such completed properties, if suitable opportunities arise.
In undertaking such activities, the Manager may avail itself of AME Group’s expertise
and integrated services in designing and constructing high quality, functional industrial
properties and warehouses.
AME REIT will undertake property development activities as and when there are viable
opportunities although the Manager’s initial intention after Listing is for AME REIT to be
focused on property investment and property leasing activities.
1.3.2 Proactive Asset Management Strategy
The Manager will seek organic growth of its property portfolio, by working closely with the
Property Manager, to optimise and maintain high occupancy rates, achieve stable rental growth
and maximise investment returns.
To achieve this, the Manager will focus on:
(i) Proactive Asset Management
The Manager will actively seek to enhance the value of its property portfolio through,
among others:
(a) regular review of rental rates against market rates for possible upward adjustments,
in accordance with the provisions of the lease agreements;
(b) prioritising the incorporation of contractual periodic rental step-up provisions

during lease agreement negotiations to secure positive rental reversion as an
additional source of income growth;
(c) regular review of the market value of the properties to identify capital appreciation
and opportunities for disposal to realise capital gains;
(d) carry out regular checks on the properties for defects or damages and to ensure
that tenants fulfill their obligations to preserve the quality of the properties;
(e) ensure maintenance and repairs are carried out in a timely manner, without
affecting the tenants’ operations;
(f) active monitoring of tenant viability and tenants’ rental arrears as well as
conducting due diligence on prospective tenants to minimise the risk of late
payments and rental defaults;
(g) regular review of the portfolio to ensure the properties are in-line with current and
future industrial trends and requirements to ensure their relevance; and
(h) identifying and undertaking asset enhancement initiatives to improve the

marketability of the properties and maximise rental potential, based on
assessments of the feasibility and profitability of such enhancement initiatives.
43
43
1.
1.
1. DETAILED
DETAILED
INFORMATION
INFORMATION ON
ON
ON AME
AME
AME REIT
REIT
REIT (Cont’d)
(Cont’d)
(Cont’d)
1.
1.
1. DETAILED INFORMATION
DETAILED ON
INFORMATION ON AME
ON AME REIT
AME REIT (Cont’d)
REIT (Cont’d)
(Cont’d)
(ii)
(ii)
(ii) Maximising
Maximising
Maximising Tenant
Tenant
Tenant Retention
Retention
Retention and
and
and Minimising
Minimising
Minimising Vacancies
Vacancies
Vacancies
(ii)
(ii)
(ii) Maximising Tenant
Maximising
Maximising Tenant Retention
Tenant Retention and
Retention and Minimising
and Minimising Vacancies
Minimising Vacancies
Vacancies
The
The
The Manager
Manager
Manager will
will
will work
work
work together
together
together with
with
with the
the
the Property
Property
Property Manager
Manager
Manager to
to
to maintain
maintain
maintain high
high
high retention
retention
retention
The
The
The Manager
Manager
Manager will
will work
will work together
workvacancy with
togetherperiods
together the
with the
with Property
theasProperty
Property Manager
Manager
Manager to maintain
tofor
to maintain
maintain high retention
high retention
high retention
rates
rates
rates and
and
and minimising
minimising
minimising vacancy
vacancy periods
periods as
as well
well
well as
as
as expenses
expenses
expenses for
for the
the
the sourcing
sourcing
sourcing of
of
of new
new
new
rates
rates
rates and
and
and minimising
minimising
minimising vacancy
vacancy
vacancy periods
periods
periods as
as
as well
well
well as
as
as expenses
expenses
expenses for
for
for the
the
the sourcing
sourcing
sourcing of
of
of new
new
new
tenants
tenants
tenants through
through
through the
the
the following
following
following initiatives:
initiatives:
initiatives:
tenants through
tenants through
tenants the
through the following
the following initiatives:
following initiatives:
initiatives:
(a)
(a)
(a) cultivating
cultivating
cultivating a
a
a tenant
tenant
tenant orientated
orientated
orientated culture
culture
culture to
to
to develop
develop
develop close
close
close relationships
relationships
relationships by
by
by regularly
regularly
regularly
(a)
(a)
(a) cultivating
cultivating a
cultivating a tenant
awith
tenant
tenant orientated
orientated
orientated culture
culture
culture to develop
to develop
to close
developonclose
close relationships by
relationshipsand
relationships regularly
by regularly
by regularly
engaging
engaging
engaging with
with tenants,
tenants,
tenants, with
with
with an
an
an emphasis
emphasis
emphasis on
on understanding
understanding
understanding and
and actively
actively
actively
engaging
engaging
engaging with
with
with tenants,
tenants,
tenants, with
with
with an
an
an emphasis
emphasis
emphasis on
on
on understanding
understanding
understanding and
and
and actively
actively
actively
addressing
addressing
addressing tenants’
tenants’
tenants’ requirements;
requirements;
requirements;
addressing
addressing tenants’
tenants’ requirements;
requirements;
addressing tenants’ requirements;
(b)
(b)
(b) actively
actively
actively seeking
seeking
seeking and
and
and responding
responding
responding to
to
to tenants’
tenants’
tenants’ feedback
feedback
feedback and
and
and enquiries
enquiries
enquiries in
in
in an
an
an
(b)
(b)
(b) actively
actively
actively seeking
seeking
seeking and
and responding
and manner,
responding
responding to tenants’
to tenants’
to tenants’ feedback
feedback
feedback and enquiries
and and
and enquiries
enquiries in an
in an
in an
expedient
expedient
expedient and
and
and efficient
efficient
efficient manner,
manner, including
including
including the
the
the provision
provision
provision of
of
of repair
repair
repair and
and maintenance
maintenance
maintenance
expedient
expedient
expedient and
and efficient
efficient manner,
manner, including
including the
the provision
provision of
of repair
repair and
and maintenance
maintenance
and efficient manner, including the provision of repair and maintenance
works;
works;
works;
works;
works;
works;
(c)
(c)
(c) conducting
conducting
conducting regular
regular
regular maintenance
maintenance
maintenance and/
and/
and/ or
or
or improvements
improvements
improvements to
to
to the
the
the properties
properties
properties to
to
to
(c)
(c)
(c) conducting
conducting
conducting regular
regular
regular maintenance
maintenance and/
maintenance and/
and/ or or improvements
or improvements
improvements to to the
to the properties
the properties
properties to to
to
maintain
maintain
maintain tenant
tenant
tenant satisfaction;
satisfaction;
satisfaction;
maintain
maintain tenant
tenant satisfaction;
satisfaction;
maintain tenant satisfaction;
(d)
(d)
(d) identifying
identifying
identifying expansion
expansion
expansion needs
needs
needs of
of
of existing
existing
existing tenants
tenants
tenants and
and
and satisfying
satisfying
satisfying such
such
such needs
needs
needs where
where
where
(d)
(d)
(d) identifying expansion
identifying
identifying expansion needs
expansion needs of
needs of existing
of existing tenants
existing tenants and
tenants and satisfying
and satisfying such
satisfying such needs
such needs where
needs where
where
possible;
possible;
possible;
possible;
possible;
possible;
(e)
(e)
(e) early
early
early engagement
engagement
engagement in
in
in renewal
renewal
renewal negotiations
negotiations
negotiations with
with
with tenants
tenants
tenants whose
whose
whose leases
leases
leases are
are
are
(e)
(e)
(e) early
early
early engagement
engagement
engagement in renewal
inminimise
in negotiations
renewalvacancy
renewal negotiations
negotiations with tenants
with tenants
with whose
tenants whose leases
whose leases
leases are are
are
approaching
approaching
approaching expiry
expiry
expiry to
to
to minimise
minimise vacancy
vacancy rates;
rates;
rates; and
and
and
approaching
approaching expiry expiry
expiry toto minimise
to minimise vacancy
minimise vacancy rates;
vacancy rates; and
rates; and
and
approaching
(f)
(f)
(f) collaborating
collaborating
collaborating with
with
with real
real
real estate
estate
estate agents
agents
agents to
to
to pro-actively
pro-actively
pro-actively seek
seek
seek new
new
new tenants,
tenants,
tenants, should
should
should the
the
the
(f)
(f)
(f) collaborating
collaborating
collaborating with
with real
with real
real estate
estate
estate agents
agents to
agents to
to pro-actively
pro-actively seek
pro-actively seek
seek newnew tenants,
new tenants, should
tenants, should
should thethe
the
need
need
need arise,
arise,
arise, before
before
before existing
existing
existing tenancies
tenancies
tenancies expire.
expire.
expire.
need
need arise,
arise, before
before existing
existing tenancies
tenancies expire.
expire.
need arise, before existing tenancies expire.
(iii)
(iii)
(iii) Budgetary
Budgetary
Budgetary Controls
Controls
Controls
(iii) Budgetary
(iii) Budgetary Controls
Budgetary Controls
Controls
(iii)
The
The
The Manager
Manager
Manager will
will
will seek
seek
seek to
to
to maximise
maximise
maximise returns
returns
returns to
to
to Unitholders
Unitholders
Unitholders through,
through,
through, among
among
among others:
others:
others:
The Manager
The
The Manager will
Manager will seek
will seek to
seek to maximise
to maximise returns
maximise returns to
returns to Unitholders
to Unitholders through,
Unitholders through, among
through, among others:
among others:
others:
(a)
(a)
(a) regularly
regularly
regularly exploring
exploring
exploring opportunities
opportunities
opportunities to
to
to minimise
minimise
minimise operating
operating
operating expenses
expenses
expenses through
through
through
(a)
(a)
(a) regularly exploring
regularly
regularly exploring opportunities
exploring opportunities to
opportunities to minimise
to minimise operating
minimise operating expenses
operating expenses through
expenses through
through
improved
improved
improved operational
operational
operational efficiencies
efficiencies
efficiencies without
without
without compromising
compromising
compromising on
on
on the
the
the quality
quality
quality of
of
of services
services
services
improved
improved
improved operational
operational
operational efficiencies
efficiencies without
without compromising
compromising on
on the
the quality
quality
efficiencies without compromising on the quality of services of
of services
services
and
and
and facilities
facilities
facilities provided;
provided;
provided;
and facilities
and facilities provided;
facilities provided;
provided;
and
(b)
(b)
(b) actively
actively
actively adjusting
adjusting
adjusting property
property
property management
management
management costs
costs
costs and
and
and other
other
other outgoings
outgoings
outgoings based
based
based on
on
on
(b)
(b) actively adjusting
actively adjusting
adjusting property
property management
management costs costs and
costs and other
and other outgoings
other outgoings based
outgoings based
based on on
on
(b) actively
competitive
competitive
competitive market
market
market property
benchmarks;
benchmarks;
benchmarks;management
competitive market
competitive market benchmarks;
benchmarks;
competitive market benchmarks;
(c)
(c)
(c) preparing
preparing
preparing comprehensive
comprehensive annual
annual budgets,
budgets, which
which will
will be
be complemented
complemented by
by monthly
monthly
(c)
(c) preparing comprehensive
preparing comprehensive annual
comprehensive annual budgets,
annual budgets, which
budgets, which will
which will be
will be complemented
be complemented by
complemented by monthly
by monthly
monthly
(c) preparing
reviews
reviews
reviews to
to
to comprehensive
detect
detect
detect any
any
any annual
deviation;
deviation;
deviation; budgets,
and
and
and which will be complemented by monthly
reviews to
reviews to detect
detect anyany deviation;
deviation; andand
reviews to detect any deviation; and
(d)
(d)
(d) implementing
implementing
implementing stringent
stringent
stringent cost
cost
cost control
control
control management
management
management systems
systems
systems and
and
and strictly
strictly
strictly adhering
adhering
adhering to
to
to
(d)
(d) implementing
implementing stringent
stringent cost
cost control management
control management
management systemssystems
systems and and strictly
and strictly adhering
strictly adhering
adhering to to
to
(d) implementing
the
the
the budgetary
budgetary
budgetary stringent
plans
plans
plans and
and
and cost control
strategies.
strategies.
strategies.
the budgetary
the budgetary
budgetary plans plans and
plans and strategies.
and strategies.
strategies.
the
1.3.3
1.3.3
1.3.3 Capital
Capital
Capital and
and Risk
Risk Management
Management Strategy
Strategy
1.3.3
1.3.3 Capital and
Capital and Risk
and Risk Management
Risk Management Strategy
Management Strategy
Strategy
1.3.3 Capital and Risk Management Strategy
The
The
The Manager
Manager
Manager aims
aims
aims to
to
to optimise
optimise
optimise AME
AME
AME REIT’s
REIT’s
REIT’s capital
capital
capital structure
structure
structure and
and
and cost
cost
cost of
of
of capital
capital
capital within
within
within the
the
the
The
The
The Manager
Manager
Manager aims
aims
aims to
to
to optimise
optimise
optimise AME
AME
AME REIT’s
REIT’s
REIT’s capital
capital
capital structure
structure
structure and
and
and cost
cost
cost of
of
of capital
capital
capital within
within
within the
the
the
financing
financing
financing limits
limits
limits set
set
set out
out
out in
in
in the
the
the REIT
REIT
REIT Guidelines
Guidelines
Guidelines and
and
and intends
intends
intends to
to
to use
use
use a
a
a combination
combination
combination of
of
of Islamic
Islamic
Islamic
financing
financing
financing limits
limits
limits set
set
set out
out
out in
in
in the
the
the REIT
REIT
REIT Guidelines
Guidelines
Guidelines and
and
and intends
intends
intends to
to
to use
use
use a
a
a combination
combination
combination of
of
of Islamic
Islamic
Islamic
financing
financing and
and
and equity
equity
equity financing
financing
financing to
to
to fund
fund
fund future
future
future acquisitions
acquisitions
acquisitions and
and
and capital
capital
capital expenditure,
expenditure,
expenditure, determined
determined
determined
financing
financing
financing and
and
and equity
equity financing
equity financing
financing to
to fund
to fund future
fund future acquisitions
future acquisitions
acquisitions and and capital
and capital expenditure,
capital expenditure, determined
expenditure, determined
determined
based
based
based on
on
on the
the
the following
following
strategies:
strategies:
based
based
based onon the
on the following
the following strategies:
strategies:
(i)
(i)
(i) securing
securing
securing the
the
the most
most
most favourable
favourable
favourable terms
terms
terms of
of
of funding
funding
funding while
while
while maintaining
maintaining
maintaining an
an
an appropriate
appropriate
appropriate gearing
gearing
gearing
(i)
(i)
(i) securing
securing the
securing the most
the most favourable
most favourable terms
favourable terms of
terms of funding
of funding while
funding while maintaining
while maintaining an
maintaining an appropriate
an appropriate gearing
appropriate gearing
gearing
level;
level;
level;
level;
level;
level;
(ii)
(ii)
(ii) maintaining
maintaining
maintaining a
a
a reasonable
reasonable
reasonable level
level
level of
of
of financing
financing
financing service
service
service capability
capability
capability by
by
by ensuring
ensuring
ensuring that
that
that cash
cash
cash
(ii)
(ii)
(ii) maintaining
maintaining
maintaining a
a
a reasonable
reasonable
reasonable level
level
level of
of
of financing
financing
financing service
service
service capability
capability
capability by
by
by ensuring
ensuring
ensuring that
that
that cash
cash
cash
inflows
inflows
inflows from
from
from tenants
tenants
tenants match
match
match the
the
the outflows
outflows
outflows arising
arising
arising from
from
from financial
financial
financial obligations;
obligations;
obligations;
inflows
inflows from
from tenants
tenants match
match the
the outflows
outflows arising
arising from
from financial
financial
inflows from tenants match the outflows arising from financial obligations; obligations;
obligations;
(iii)
(iii)
(iii) diversifying
diversifying
diversifying sources
sources
sources of
of
of debt
debt
debt funding
funding
funding and
and
and actively
actively
actively managing
managing
managing the
the
the range
range
range of
of
of financing
financing
financing
(iii)
(iii)
(iii) diversifying
diversifying
diversifying sources
sources
sources of
of
of debt
debt
debt funding
funding
funding and
and
and actively
actively
actively managing
managing
managing the
the
the range
range
range of
of
of financing
financing
financing
maturities
maturities
maturities to
to
to reduce
reduce
reduce refinancing
refinancing
refinancing risks
risks
risks and
and
and optimise
optimise
optimise the
the
the cost
cost
cost of
of
of capital;
capital;
capital;
maturities
maturities to
maturities to reduce
to reduce refinancing
reduce refinancing risks
refinancing risks and
risks and optimise
and optimise
optimise thethe cost
the cost
cost ofof capital;
of capital;
capital;
(iv)
(iv)
(iv) proactively
proactively
proactively managing
managing
managing risks
risks
risks associated
associated
associated with
with
with refinancing
refinancing
refinancing and
and
and changes
changes
changes in
in
in financing
financing
financing rates;
rates;
rates;
(iv)
(iv) proactively
proactively
(iv) and
proactively managing
managing
managing risks
risks
risks associated
associated
associated with
with
with refinancing
refinancing
refinancing and
and
and changes
changes
changes in
in
in financing
financing
financing rates;
rates;
rates;
and
and
and
and
and
44
44
44
44
44
44
44
1.
1.
1. DETAILED
DETAILED
INFORMATION
INFORMATION ON
ON
ON AME
AME
AME REIT
REIT
REIT (Cont’d)
(Cont’d)
(Cont’d)
1.
1.
1. DETAILED
DETAILED
INFORMATION
INFORMATION ON
ON
ON AME
AME
AME REIT
REIT
REIT (Cont’d)
(Cont’d)
(Cont’d)
1.
1. DETAILED INFORMATION
ON AME REIT
AME REIT (Cont’d)
(Cont’d)
(v)
(v)
(v) where
where
where appropriate,
appropriate,
appropriate, implementing
implementing
implementing hedging
hedging
hedging strategies
strategies
strategies to
to
to minimise
minimise
minimise any
any
any exposure
exposure
exposure arising
arising
arising
(v)
(v)
(v) where
where
from
where appropriate,
appropriate,
adverse
appropriate,market implementing
implementing
financing
implementing rates hedging
hedging
and
hedging strategies
strategies
foreign
strategies to
to
exchange minimise
minimise any
any
fluctuations.
to minimise
minimise exposure
exposure arising
exposure
any exposure arising
arising
(v)
(v) from
where
from
where
from adverse
appropriate,
adverse
appropriate,
adverse market
market
market financing
implementing
financing
implementing
financing rates
rates
rates and
hedging
and
hedging
and foreign
strategies
foreign
strategies
foreign exchange
to
exchange
to
exchange fluctuations.
any
fluctuations.
minimise any
fluctuations. exposure arising
arising
from
from
from adverse
adverse
adverse market
market
market financing
financing
financing rates
rates
rates and
and
and foreign
foreign
foreign exchange
exchange
exchange fluctuations.
fluctuations.
fluctuations.
1.3.4 from adverse
Permissible Investments marketand financing rates and
Investment foreign exchange fluctuations.
Limits
1.3.4
1.3.4
1.3.4 Permissible
Permissible
Permissible Investments
Investments
Investments and
and
and Investment
Investment
Investment Limits
Limits
Limits
1.3.4
1.3.4
1.3.4 Permissible
Permissible
Permissible Investments
Investments
Investments and
and
and Investment
Investment
Investment Limits
Limits
Limits
1.3.4 Permissible
The permissible Investments
investments andof Investment
AME REIT Limits
are as follows:
The
The
The permissible
permissible
permissible investments
investments
investments of
of
of AME
AME
AME REIT
REIT
REIT are
are
are as
as
as follows:
follows:
follows:
The permissible
The permissible
The investments
permissible investments
investments of of AME
of AME REIT
AME REIT
REIT are are
are asas follows:
as follows:
follows:
The
(i) permissible
Real investments
Estate; of AME REIT are as follows:
(i)
(i)
(i) Real
Real
Real Estate;
Estate;
Estate;
(i)
(i)
(i) Real
Real Estate;
Real Estate;
Estate;
(i)
(ii) Real
Non-RealEstate; Estate Assets;
(ii)
(ii)
(ii) Non-Real
Non-Real
Non-Real Estate
Estate
Estate Assets;
Assets;
Assets;
(ii)
(ii)
(ii) Non-Real
Non-Real
Non-Real Estate
Estate
Estate Assets;
Assets;
Assets;
(ii)
(iii) Non-Real
cash, Islamic Estate Assets;
deposits and Islamic money market instruments; and
(iii)
(iii)
(iii) cash,
cash,
cash, Islamic
Islamic
Islamic deposits
deposits
deposits and
and
and Islamic
Islamic
Islamic money
money
money market
market
market instruments;
instruments;
instruments; and
and
and
(iii)
(iii)
(iii) cash,
cash,
cash, Islamic
Islamic
Islamic deposits
deposits
deposits and
and
and Islamic
Islamic
Islamic money
money
money market
market
market instruments;
instruments;
instruments; and
and
and
(iii)
(iv) cash,
any Islamic
other deposits
investment and
not Islamic
specified money
in (i) market
to (iii) instruments;
above but and
specified as a permissible
(iv)
(iv)
(iv) any
any
any other
other
other investment
investment
investment not
not
not specified
specified
specified in
in
in (i)
(i)
(i) to
to
to (iii)
(iii)
(iii) above
above
above but
but
but specified
specified
specified as
as
as a
a
a permissible
permissible
permissible
(iv)
(iv)
(iv) any
any other
investment
other
investment
any other investment
in
in the
investment
the
investment REIT
REIT not specified
Guidelines
not specified
Guidelines
not specified or
or in
in
inas
as(i)
(i)
(i) to
to
to (iii)
otherwise
(iii)
otherwise
(iii) above
above
above but
permitted
but
permitted
but specified
by the
specified
by the
specified as
SC.
as
SC.
as a
a
a permissible
permissible
permissible
(iv) investment
any other
investment
investment in
in
in the
investment
the
the REIT
REIT
REIT Guidelines
not specified
Guidelines
Guidelines or
or
or inas
as
as(i)otherwise
to (iii)
otherwise
otherwise permitted
above but
permitted
permitted by
by
by the
specified
the
the SC.
as
SC.
SC. a permissible
investment in
investment in the
the REIT
REIT Guidelines
Guidelines or or asas otherwise
otherwise permitted
permitted by by the
the SC.
SC.
AME investment
REIT’s investments in the are
REIT Guidelines
subject to the or as otherwise
following investment permitted
limits by
as the SC.
prescribed in the REIT
AME
AME
AME REIT’s
REIT’s
investments
investments are
are
are subject
subject
subject to
to
to the
the
the following
following
investment
investment limits
limits
limits as
as
as prescribed
prescribed
prescribed in
in
in the
the
the REIT
REIT
AME REIT’s
Guidelines:
AME investments
Guidelines:
AME REIT’s
Guidelines: investments are are subject
are subject
subject toto the
to the following
the following investment
investment limits limits
limits as as prescribed
as prescribed
prescribed in in the REIT
the
in the REIT
REIT
REIT
AME REIT’s
Guidelines:
Guidelines: investments are subject to the following investment limits as prescribed in the REIT
Guidelines:
Guidelines:
Guidelines:
(i) at least 75.0% of AME REIT’s Total Asset Value must be invested in Real Estate that
(i)
(i)
(i) at
at
at least
least
least 75.0%
75.0%
75.0% of
of
of AME
AME
AME REIT’s
REIT’s
REIT’s Total
Total
Total Asset
Asset
Asset Value
Value
Value must
must
must be
be
be invested
invested
invested in
in
in Real
Real
Real Estate
Estate
Estate that
that
that
(i)
(i)
(i) at least
generates
at least
generates
at least 75.0% of
recurrent
75.0% of
recurrent
75.0% of AME
AME
AMErental
rentalREIT’s
income
REIT’s
income
REIT’s Total
Total
Totalat
at Asset
all times;
Asset
all times;
Asset Value
Value
Value must
must
must be
be
be invested
invested
invested in
in
in Real
Real
Real Estate
Estate
Estate that
that
that
(i) generates
at least 75.0%
generates
generates recurrent
of AME
recurrent
recurrent rental
rental
rental income
REIT’s
income
income Totalat
at
at all
all
all times;
Asset
times;
times;Value must be invested in Real Estate that
generates recurrent
generates recurrent
recurrent rentalrental income
rental income
income at at all
at all times;
all times;
times;
(ii) generates
the aggregate investments in property development activities (Property Development
(ii)
(ii)
(ii) the
the
the aggregate
aggregate
aggregate investments
investments
investments in
in
in property
property
development
development activities
activities
(Property
Development
Development
(ii)
(ii)
(ii) the
Costs)
the
Costs)
the aggregate
and
aggregate
and
aggregate Real
Real investments
Estate
investments
Estate
investments in
under
in
under
in property
construction
property
construction
must
development
must
development not
not activities
exceed
activities
exceed
15.0% of
(Property
15.0% of
the Total
Development
the Total
DevelopmentAsset
Asset
(ii) Costs)
the
Costs)
Costs) and
aggregate
and
and Real
Real
Real Estate
investments
Estate
Estate under
in
under
under construction
property
construction
construction must
development
must
must not
not
not exceed
activities
exceed
exceed 15.0%
15.0%
15.0% of
(Property
of
of the
the
the Total
Development
Total
Total Asset
Asset
Asset
Value
Costs)
Value
Costs)
Value of
of
of AME
and
AME
and
AME Real
RealREIT;
REIT;
REIT; and
Estate
and
Estate
and under
under construction
construction must
must not
not exceed
exceed 15.0%
15.0% of
of the
the Total
Total Asset
Asset
Costs)
Value
Value of
ofand
AME
AME Real Estate
REIT;
REIT; and
and under construction must not exceed 15.0% of the Total Asset
Value of
Value of AME
AME REIT; REIT; and and
(iii) Value of AMEinREIT;
investments Non-Real and Estate Assets are subject to the following investment limits:
(iii)
(iii)
(iii) investments
investments
investments in
in
in Non-Real
Non-Real
Non-Real Estate
Estate
Estate Assets
Assets
Assets are
are
are subject
subject
subject to
to
to the
the
the following
following
investment
investment limits:
limits:
limits:
(iii)
(iii)
(iii) investments
investments
investments in
in
in Non-Real
Non-Real
Non-Real Estate
Estate
Estate Assets
Assets
Assets are
are
are subject
subject
subject to
to
to the
the
the following
following
investment
investment limits:
limits:
limits:
(iii) investments in Non-Real Estate Assets are subject to the following investment limits:
(a)
(a)
(a) the
the
Shariah-compliant
securities
securities must
must
must be
be
be traded
traded
traded in
in
in or
or
or under
under
under the
the
the rules
rules
rules of
of
of an
an
an eligible
eligible
eligible
(a)
(a)
(a) the
Shariah-compliant
market,
the except
Shariah-compliant for securities
securities
unlisted sukuk;
securities must
must
must be be
be traded
traded
be traded
traded in in
in or
or
in or under
under
or under
under thethe
the rules
rules
the rules of
of
rules of an
an eligible
an
of an eligible
eligible
(a)
(a) market,
the
market,
the except
Shariah-compliant
except
Shariah-compliant
market, except for
for
for unlisted
unlisted sukuk;
securities
sukuk;
securities
unlisted sukuk; must
must be traded in or under the rules of an eligible
eligible
market,
market,
market, except
except
except for
for
for unlisted
unlisted
unlisted sukuk;
sukuk;
sukuk;
(b) market,
the value except
of AME for unlisted
REIT’s sukuk;
investments in Shariah-compliant securities issued by
(b)
(b)
(b) the
the
the value
value
value of
of
of AME
AME
AME REIT’s
REIT’s
investments
investments in
in
in Shariah-compliant
Shariah-compliant
securities
securities issued
issued
issued by
by
by
(b)
(b)
(b) the
any
the
any
the value
single
value
single
value of
of AME
issuer
AME
issuer
of AME REIT’s
must
must not
REIT’s
not
exceed
investments
exceed
investments 5.0%
5.0% in
in
inof
of Shariah-compliant
AME REIT’s
Shariah-compliant
AME REIT’s
Shariah-compliant Total
Total securities
Asset
securities
Asset issued
Value;
issued
Value;
securities issued by
by
by
(b) any
the
any
any single
value
single
single issuer
of AMEmust
issuer
issuer must
must not
REIT’s
not
not exceed
investments
exceed
exceed 5.0%
5.0%
5.0% of
inof
of AME
AME
AME REIT’s
Shariah-compliant
REIT’s
REIT’s Total
Total
Total Asset
Asset
Asset Value;
securities issued by
Value;
Value;
any single
any single issuer
single issuer
issuer mustmust not
must not exceed
not exceed
exceed 5.0%5.0%
5.0% of of AME
of AME REIT’s
AME REIT’s Total
REIT’s Total Asset
Total Asset Value;
Asset Value;
Value;
(c) any
the value of AME REIT’s investments in Shariah-compliant securities issued by
(c)
(c)
(c) the
the
the value
value
value of
of
of AME
AME
AME REIT’s
REIT’s
investments
investments in
in
Shariah-compliant
securities
securities issued
issued
issued by
by
by
(c)
(c)
(c) the
any
the
any
the value
group
value
group
value of
of
of AME
companies
AME
companies
AME REIT’s
REIT’s
must not
investments
must not
investmentsexceed
exceed in
in
10.0% of AME
Shariah-compliant
10.0% of AME
Shariah-compliant REIT’s
REIT’s securities
Total
securities
Total issued
Asset
issued
Asset
securities by
Value;
by
Value;
issued by
(c) any
the
any
any group
value
group
group of
of companies
AME
companies
companies REIT’s must
must
must not
investments
not
not exceed
exceed
exceed in 10.0%
10.0%
10.0% of
of
of AME
Shariah-compliant
AME
AME REIT’s
REIT’s
REIT’s Total
Total
Total Asset
securities
Asset
Asset Value;
issued by
Value;
Value;
and
any
and
any
and group
group of
of companies
companies must
must not
not exceed
exceed 10.0%
10.0% of
of AME
AME REIT’s
REIT’s Total
Total Asset
Asset Value;
Value;
any
and
and group of companies must not exceed 10.0% of AME REIT’s Total Asset Value;
and
and
(d) and
AME REIT’s investments in any class of Shariah-compliant securities must not
(d)
(d)
(d) AME
AME
AME REIT’s
REIT’s
investments
investments in
in
in any
any
any class
class
class of
of
Shariah-compliant
securities
securities must
must
must not
not
not
(d)
(d)
(d) AME
exceed
AME
exceed
AME REIT’s
10.0%
REIT’s
10.0%
of
of the
investments
the
investments in
securities
in
securities
in any
any
any class
issued
class
issued
class by
byof
of
any single issuer;
Shariah-compliant
any single issuer;
Shariah-compliant or
or securities
securities
securities must
must
must not
not
not
(d) exceed
AME
exceed
exceed 10.0%
REIT’s
10.0%
10.0% of
of
of the
investments
the
the securities
in any
securities
securities issued
classby
issued
issued by
by any
ofany
any single
single
single issuer;
Shariah-compliant
issuer;
issuer; or
or
or securities must not
exceed
exceed 10.0%
10.0% of
of the
the securities
securities issued
issued by
by any
any single
single issuer;
issuer; or
or
such exceed
other limits10.0%
and of the securities
investments as mayissued
be by any single
permitted by theissuer;
SC ororthe REIT Guidelines.
such
such
such other
other
other limits
limits
limits and
and
and investments
investments
investments as
as
as may
may
may be
be
be permitted
permitted
permitted by
by
by the
the
the SC
SC
SC or
or
or the
the
the REIT
REIT
REIT Guidelines.
Guidelines.
Guidelines.
such other
such other
such limits
other limits and
limits and investments
and investments
investments as as may
as may
may be be permitted
be permitted
permitted by by the
by the
the SCSC
SC or or
or the
the REIT
the REIT Guidelines.
REIT Guidelines.
Guidelines.
1.4 such
INVESTORS’ other limits
PROFILE and investments as may be permitted by the SC or the REIT Guidelines.
1.4
1.4
1.4 INVESTORS’
INVESTORS’
INVESTORS’ PROFILE
PROFILE
1.4
1.4
1.4 INVESTORS’ PROFILE
INVESTORS’
INVESTORS’ PROFILE
PROFILE
PROFILE
1.4 INVESTORS’
AME REIT may PROFILE
appeal to an investor with long-term investment objectives who seeks regular
AME
AME
AME REIT
REIT
REIT may
may
may appeal
appeal
appeal to
to
to an
an
an investor
investor
investor with
with
with long-term
long-term
long-term investment
investment
objectives
objectives who
who
who seeks
seeks
seeks regular
regular
regular
AME
and
AME
and
AME REIT
stable
REIT
stable
REIT may
income
may
income
may appeal
appeal
appeal to an
distribution
to an
distribution
to an investor
and
investor
and
investor with
long-term
with
long-term
with long-term
capital
long-term
capital
long-term investment
appreciation,
investment
appreciation,
and
objectives
and
objectives who
who who
who seeks
understands
seeks
understands
who seeks regular
the
regular
the
regular
and
AME
and
and stable
REIT
stable
stable income
may
income
income appeal distribution
to an
distribution
distribution and
investor
and
and long-term
with
long-term
long-term capital
long-term
capital
capital appreciation,
investment
appreciation,
appreciation, and
objectives
and
and who
who
who understands
who seeks
understands
understands the
regular
the
the
risks
and
risks
and
risks related
stable
related
stable
related to
income
to
income
to the
the
the real
real
real estate
distribution
estate
distribution
estate industry
and
industry
and
industry and
long-term
and
long-term
and REITs.
capital
REITs.
capital
REITs. appreciation,
appreciation, and
and who
who understands
understands the
the
and
risks
risks stable
related
related income
to
to the
the distribution
real
real estate
estate and long-term
industry
industry and
and capital appreciation, and who understands the
REITs.
REITs.
risks
risks related
related to
to the
the real
real estate
estate industry
industry and
and REITs.
REITs.
1.5 risks related to theBENCHMARK
PERFORMANCE real estate industry and REITs.
1.5
1.5
1.5 PERFORMANCE
PERFORMANCE
PERFORMANCE BENCHMARK
BENCHMARK
BENCHMARK
1.5
1.5
1.5 PERFORMANCE
BENCHMARK
1.5 PERFORMANCE
The following BENCHMARK
performance indicators can be considered in reviewing the performance of AME
The
The
The following
following
following performance
performance
performance indicators
indicators
indicators can
can
can be
be
be considered
considered
considered in
in
in reviewing
reviewing
reviewing the
the
the performance
performance
performance of
of
of AME
AME
AME
The
REIT:
The
REIT:
The following
following
following performance
performance
performance indicators
indicators
indicators can
can
can be
be
be considered
considered
considered in
in
in reviewing
reviewing
reviewing the
the
the performance
performance
performance of
of
of AME
AME
AME
REIT:
The
REIT:
REIT: following performance indicators can be considered in reviewing the performance of AME
REIT:
REIT:
(i) Distribution Yield
REIT:
(i)
(i) Distribution
Distribution Yield
Yield
(i)
(i)
(i) Distribution
Distribution
Distribution Yield Yield
Yield
(i)
(i) Distribution
Distribution Yield
Yield
The
The
The ratio
ratio
ratio of
of
of the
the
the distribution
distribution
distribution paid
paid
paid to
to Unitholders
to Unitholders from
Unitholders from AME
from AME REIT’s
AME REIT’s Distributable
REIT’s Distributable Income
Distributable Income to
Income to
to
The
The
the
The ratio
ratio
market
ratio of
of
of the
the
price
the distribution
distribution
of the
distribution paid
paid
Units.
paid to
to
to Unitholders
Unitholders
Unitholders from
from
from AME
AME
AME REIT’s
REIT’s
REIT’s Distributable
Distributable
Distributable Income
Income
Income to
to
to
the
The
the
The
the market
ratio
market
ratio
market of
of price
the
price
the
price of
of
of the
distribution
the
distribution
the Units.
paid
Units.
paid
Units. to
to Unitholders
Unitholders from
from AME
AME REIT’s
REIT’s Distributable
Distributable Income
Income to
to
the
the market
the market price
market price ofof the
the Units.
Units.
(ii) the
NAV market price price ofof the
the Units.
Units.
(ii)
(ii)
(ii) NAV
NAV
NAV
(ii)
(ii)
(ii) NAV
NAV
NAV
(ii) NAV
NAV represents the Total Asset Value less all of AME REIT’s liabilities and obligations.
NAV
NAV
NAV represents
represents
represents the
the
the Total
Total
Total Asset
Asset
Asset Value
Value
Value less
less
less all
all
all of
of
of AME
AME
AME REIT’s
REIT’s
REIT’s liabilities
liabilities
liabilities and
and
and obligations.
obligations.
obligations.
NAV
NAV
NAV represents
represents
represents the
the
the Total
Total
Total Asset
Asset
Asset Value
Value
Value less
less
less all
all of
of AME
AME REIT’s
REIT’s liabilities
liabilities and
and obligations.
obligations.
NAV represents the Total Asset Value 45 less all of AME REIT’s liabilities and obligations.
all of AME REIT’s liabilities and obligations.
45
45
45
45
45
45
(iii) Total Return
The change in market price of the Units over a period of time plus any distributions
received during the relevant period.
The performance indicators will be used to benchmark AME REIT against its peers as well as
against its own historical performance, where applicable.
1.6 DISTRIBUTION POLICY
The Deed provides that the Manager shall, with the approval of the Trustee, for each distribution
period, distribute all or such other percentage as determined by the Manager at its absolute
discretion, of AME REIT’s Distributable Income. It is the intention of the Manager to distribute
at least 90.0% of AME REIT’s Distributable Income on a quarterly basis or such other intervals
as the Manager may determine at its absolute discretion.
Quarterly basis refers to each consecutive 3-month period commencing on and ending on the
following dates (all dates inclusive) in each financial year during the continuance of AME REIT
or such other interval as the Manager may determine in accordance with the Deed:
The actual proportion of Distributable Income to be distributed to Unitholders beyond the FYE
2023, which shall be at the absolute discretion of the Manager, may be greater than 90.0% of
AME REIT’s Distributable Income to the extent that the Manager believes is appropriate, having
regard to AME REIT’s funding requirements, other capital management considerations and the
availability of funds. Distributions, when made in the form of cash, will be in Ringgit Malaysia.
For the period from the Listing Date to 31 March 2023, AME REIT will distribute 100.0% of its
Distributable Income. If the Listing Date happens on or before 30 September 2022, the first
distribution, which will be in respect of the period from the Listing Date to 31 December 2022,
being the first full financial quarter after 30 September 2022 will be paid by the Manager within
2 months from 31 December 2022.
1.7 VALUATION POLICY
Independent professional valuation will be obtained at least once every financial year in
accordance with the REIT Guidelines or such other shorter interval as the Manager deems
necessary and these valuations will be conducted on the bases and methods which are in
accordance with the Asset Valuation Guidelines. The Manager has engaged the Independent
Property Valuer to carry out valuation of the Subject Properties as at 2 August 2021 and
subsequent valuation as at 7 February 2022.
The Manager has yet to decide on the exact date for the next valuation for the Subject
Properties, but in any event, such valuation will be carried out on or before 31 March 2023 in
accordance with AME REIT’s valuation policy.
Please refer to the Valuation Certificate set out in Appendix A “Valuation Certificates” of this
Prospectus, which is to be read together with the full valuation reports for the Subject
Properties. Copies of the full valuation reports will be available for inspection at the registered
office of the Manager for a period of 12 months from the date of this Prospectus.
46
46
1.8 FINANCING LIMITATIONS AND GEARING POLICY
AME REIT may obtain financing up to 50.0% of the Total Asset Value of AME REIT at the time
the financing is incurred (or such other limit permitted by the REIT Guidelines from time to time).
Upon Listing, based on AME REIT’s Pro Forma Statement of Financial Position, AME REIT will
have a total indebtedness of approximately RM46.5 million representing approximately 8.1% of
its estimated Total Asset Value of RM574.5 million.
Further details of AME REIT’s financing are set out in Section 3.9 “REIT Financing” of this
Prospectus.
1.9 INTELLECTUAL PROPERTY
AME REIT does not own any registered intellectual property rights. The Trustee and the
Manager have been granted non-exclusive and non-transferable licences to use the following
registered trademarks by the Registered Trademark Owner as set out below:
Trademark Registered Trademark Owner
AME Integrated Sdn Bhd
On 23 June 2022, the Trustee and the Manager have entered into the Trademark Licensing
Agreement with the Registered Trademark Owner. Pursuant to the terms of the Trademark
Licensing Agreement, the Registered Trademark Owner has the option to require the Trustee
and/or Manager to remove the relevant registered trademarks as set out in the said agreement
from any of the Subject Properties upon the occurrence of any of the following events:
(i) the Manager ceasing to be a subsidiary of the Sponsor;
(ii) the Manager ceasing to be the management company of AME REIT;
(iii) the Sponsor ceasing to hold direct and/or indirect interest of more than 50.0% of the
total issued Units; or
(iv) the Registered Trademark Owner ceases to hold the title and right to the registered
trademarks.
47
47
1.
1.
1. DETAILED
DETAILED
INFORMATION
INFORMATION ON
ON
ON AME
AME
AME REIT
REIT
REIT (Cont’d)
(Cont’d)
(Cont’d)
1.
1.
1. DETAILED
INFORMATION
ON
INFORMATION ON
ON AME
AME REIT
REIT
AME REIT
REIT (Cont’d)
(Cont’d)
(Cont’d)
1. DETAILED AME (Cont’d)
1.10
1.10
1.10 SHARIAH
SHARIAH
SHARIAH INVESTMENT
INVESTMENT
INVESTMENT GUIDELINES
GUIDELINES
GUIDELINES
1.10
1.10
1.10 SHARIAH
SHARIAH INVESTMENT
INVESTMENT
SHARIAH INVESTMENT
INVESTMENT GUIDELINES GUIDELINES
GUIDELINES
GUIDELINES
1.10 SHARIAH
At
At
At all
all
all times,
times,
times, AME
AME
AME REIT
REIT
REIT shall
shall
shall only
only
only invest
invest
invest in
in
Shariah-compliant
Shariah-compliant assets
assets
assets and
and
and instruments
instruments
instruments as
as
as
At
At
At all
all
all times,
times,
times, AME
AME
AME REIT
REIT
REIT shall
shall
shall only
only
only invest
invest
invest in
in
Shariah-compliant
Shariah-compliant assets
assets
assets and
and
and instruments
instruments
instruments as
as
as
advised
At all
advised
advised by
times,
by
by the
the
theAMEShariah
REIT
Shariah
Shariah Adviser
shall
Adviser
Adviser based
only
based
based investon
on
on the
in
the
the REIT
REIT
REIT Guidelines
Shariah-compliant
Guidelines
Guidelines and
assets
and
and Shariah
and
Shariah
Shariah rulings
instruments
rulings
rulings of
of
of the
as
the
the
advised
advised
advised by
by
by the
the
the Shariah
Shariah
Shariah Adviser
Adviser
Adviser based
based
based on
on
on the
the
the REIT
REIT
REIT Guidelines
Guidelines
Guidelines and
and
and Shariah
Shariah
Shariah rulings
rulings
rulings of
of
of the
the
the
SACSC.
advised
SACSC.
SACSC. by the Shariah Adviser based on the REIT Guidelines and Shariah rulings of the
SACSC.
SACSC.
SACSC.
SACSC.
To
To
To ensure
ensure
ensure compliance
compliance
compliance with
with
with the
the
the relevant
relevant
relevant Shariah
Shariah
Shariah Requirements,
Requirements,
Requirements, listed
listed
listed below
below
below are
are
are the
the
the Shariah
Shariah
Shariah
To
To
To ensure
ensure
ensure compliance
compliance
compliance with
with
with the
the
the relevant
relevant
relevant Shariah
Shariah
Shariah Requirements,
Requirements,
Requirements, listed
listed
listed below
below
below are
are
are the
the
the Shariah
Shariah
Shariah
Investment
To ensure
Investment
Investment Guidelines
compliance
Guidelines
Guidelines for
with
for
for AME
the
AME
AME REIT
relevant
REIT
REIT to
to
to which
Shariah
which
which the
the
the Manager
Requirements,
Manager
Manager has
listed
has
has to
to
to strictly
below are
strictly
strictly adhere
the
adhere
adhere on
Shariah
on
on a
a
a
Investment
Investment
Investment Guidelines
Guidelines
Guidelines for
for
for AME
AME
AME REIT
REIT
REIT to
to
to which
which
which the
the
the Manager
Manager
Manager has
has
has to
to
to strictly
strictly
strictly adhere
adhere
adhere on
on
on a
a
a
continuous
Investment
continuous
continuous basis.
basis.
basis. These
Guidelines
These
These guidelines
for AME
guidelines
guidelines cover
REIT
cover
cover investments
to which
investments
investments the as
as
as well
Manager
well
well as
as
as operational
has to
operational
operational and
strictly
and
and administrative
adhere on
administrative
administrative a
continuous
continuous
continuous basis.
basis.
basis. These
These
These guidelines
guidelines
guidelines cover
cover
cover investments
investments
investments as
as
as well
well
well as
as
as operational
operational
operational and
and
and administrative
administrative
administrative
matters
continuous
matters
matters in
in
in relation
basis.
relation
relation to
to
to Shariah.
These guidelines
Shariah.
Shariah. cover investments as well as operational and administrative
matters
matters in
matters in
in relation
in relation
relation to
relation to Shariah.
to Shariah.
to Shariah.
Shariah.
matters
1.10.1
1.10.1
1.10.1 Investments
Investments
Investments in
in
in Real
Real
Real Estate
Estate
Estate
1.10.1
1.10.1
1.10.1 Investments
Investments
Investments in
in
in Real
Real
Real Estate
Estate
Estate
1.10.1 Investments in Real Estate
(i)
(i)
(i) AME
AME
AME REIT
REIT
REIT may
may
may invest
invest
invest in
in
in any
any
any real
real
real estate
estate
estate having
having
having tenants
tenants
tenants with
with
with either
either
either fully
fully
fully Shariah-
Shariah-
Shariah-
(i)
(i)
(i) AME REIT
AME
AME REIT may
REIT may invest
may invest in
invest in any
in any real
any real estate
real estate having
estate having tenants
having tenants with
tenants with either
with either fully
either fully Shariah-
fully Shariah-
Shariah-
(i) compliant
AME
compliant
compliantREIT activities
may
activities
activities or
invest
or
or some
in
some
some of
any
of
of the
real
the
the tenants
estate
tenants
tenants with
with
with either
having
either
either mixed
tenants
mixed
mixed or
with
or
or Shariah
either
Shariah
fully Shariah-
non-compliant
non-compliant
compliant
compliant
compliant activities
activities
activities or
or
or some
some
some of
of
of the
the
the tenants
tenants
tenants with
with
with either
either
either mixed
mixed
mixed or
or
or Shariah
Shariah
non-compliant
non-compliant
activities,
compliant
activities,
activities, provided
activities
provided
provided always
or some
always
always that
that
thatof the
the percentage
tenants
percentage
percentage with of
of
of rental
either
rental
rental received
mixed
received
receivedor from
Shariah
from
from all
all
all Shariah
non-compliant
Shariah
Shariah non-
non-
non-
activities, provided
activities,
activities, provided always
provided always that
always that the
that the percentage
the percentage of
percentage of rental
of rental received
rental received from
received from all
from all Shariah
all Shariah non-
Shariah non-
non-
compliant
activities,
compliant
provided
activities
activities is
is
is within
always
within
within the
that
the
the permitted
the
permitted
permitted threshold
percentage of
threshold
threshold of
of
of less
rental
less
less than
received
than
than 20%
20%
20% of
from
of
of the
all
the
the total
total
total turnover
Shariah non-
turnover
turnover
compliant
compliant
activities
activities is
is
is within
within
within the
the
the permitted
permitted
permitted threshold
threshold
threshold of
of
of less
less
less than
than
than 20%
20%
20% of
of
of the
the
the total
total
total turnover
turnover
turnover
upon
upon initial
compliant
upon initial
initial listing;
activities
listing;
listing; and
is
and
and less
within
less
less than
the
than
than 5%
5%
5% of
permitted
of
of the
the
the total
total
total turnover
threshold of
turnover
turnoverlessby
by
by the
than
the
the end
20%
end
end of
of
of
of the
the
the
the 10th
total
10th
10th financial
turnover
financial
financial
upon
upon
upon initial
initial
initial listing;
listing;
listing; and
and
and less
less
less than
than 5%
5% of
of the
the total
total turnover
turnover by
by the
the end
end of
of the
the 10th
10th financial
financial
year
upon
year
year
year
post
initiallisting
post
post
post
and
listing;
listing
listing
listing and
and
and and less than
beyond.
beyond.
beyond.
beyond. than 5% 5% of of the
the total
total turnover
turnover by by the
the end
end of of the
the 10th
10th financial
financial
year
year post
post listing
listing and
and
year post listing and beyond. beyond.
beyond.
(ii)
(ii)
(ii) Notwithstanding
Notwithstanding
Notwithstanding the
the
the above,
above,
above, AME
AME
AME REIT
REIT
REIT must
must
must not
not
not invest
invest
invest in
in
in a
a
a real
real
real estate
estate
estate where
where
where all
all
all the
the
the
(ii)
(ii)
(ii) Notwithstanding
Notwithstanding
Notwithstanding the
the
the above,
above,
above, AME
AME
AME REIT
REIT
REIT must
must
must not
not
not invest
invest
invest in
in
in a
a
a real
real
real estate
estate
estate where
where
where all
all
all the
the
the
(ii) tenants
tenants
tenants carry
Notwithstanding
carry
carry out
out
outthefully
fully
fully Shariah
above,
Shariah
Shariah AME non-compliant
REIT
non-compliant
non-compliantmust activities,
not invest
activities,
activities, even
in
even
even a if
real
if
if the
the
the percentage
estate where
percentage
percentage of
all
of
of the
the
tenants
tenants
tenants carry
carry
carry out
out
out fully
fully
fully Shariah
Shariah
non-compliant
non-compliant activities,
activities,
activities, even
even
even if
if
if the
the
the percentage
percentage
percentage of
of
of the
the
the
Shariah
tenants
Shariah
carry out
non-compliant
non-compliant fully rental
Shariah
rental
rental is
is
is less
less
less than
non-compliant
than
than the
the
the prevailing
prevailing
prevailing permitted
activities, even
permitted
permitted if threshold.
the percentage
threshold.
threshold. of the
Shariah
non-compliant
non-compliant rental rental
rental
rental is is
is less
less
is less than
than
less than the
the
than the prevailing
prevailing
the prevailing permitted
permitted
prevailing permitted threshold.
threshold.
permitted threshold.
threshold.
Shariah
(iii)
(iii)
(iii) The
The
The Shariah
Shariah
non-compliant
non-compliant activities
activities
activities are
are
are as
as
as follows:
follows:
follows:
(iii)
(iii)
(iii) The
The Shariah
The Shariah non-compliant
Shariah non-compliant activities
non-compliant activities are
activities are as
are as follows:
as follows:
follows:
(iii) The Shariah non-compliant activities are as follows:
(a)
(a)
(a) conventional
conventional
conventional banking
banking
banking and and
and lending;
lending;
and lending;
lending;
(a)
(a) conventional
conventional banking
(a)
(b)
(a)
(b)
(b) conventional banking
conventional
conventional
banking
insurance;
banking
insurance;
insurance;
and
and lending;
and lending;
lending;
(b)
(b)
(b) conventional
conventional
conventional insurance;
insurance;
insurance;
(c)
(b)
(c)
(c) gambling;
conventional
gambling;
gambling; insurance;
(c)
(c)
(c) gambling;
gambling;
gambling;
(d)
(c)
(d)
(d) liquor
gambling;
liquor
liquor and
and
and liquor-related
liquor-related
liquor-related activities;
activities;
activities;
(d)
(d)
(d) liquor
liquor
liquor and
and
and liquor-related
liquor-related
liquor-related activities;
activities;
activities;
(e)
(d)
(e)
(e) pork
liquor
pork
pork and
and
and
and pork-related
liquor-related
pork-related
pork-related activities;
activities;
activities;
activities;
(e)
(e)
(e) pork
pork
pork and
and
and pork-related
pork-related
pork-related activities;
activities;
activities;
(f)
(e)
(f)
(f) non-halal
pork and
non-halal
non-halal food
food
food and
pork-related
and
and beverages;
activities;
beverages;
beverages;
(f)
(f)
(f) non-halal
non-halal
non-halal food
food
food and
and
and beverages;
beverages;
beverages;
(g)
(f)
(g)
(g) tobacco
non-halal
tobacco
tobacco and
food
and
and tobacco-related
and beverages;
tobacco-related
tobacco-related activities;
activities;
activities;
(g)
(g)
(g) tobacco
tobacco
tobacco and
and
and tobacco-related
tobacco-related
tobacco-related activities;
activities;
activities;
(h)
(g)
(h)
(h) stockbroking
tobacco
stockbroking
stockbroking and or
or
or share
share
share trading
tobacco-related
trading
trading in
in
in Shariah
activities;
Shariah
non-compliant
non-compliant securities;
securities;
securities;
(h)
(h)
(h) stockbroking
stockbroking
stockbroking or
or
or share
share
share trading
trading
trading in
in
in Shariah
Shariah
non-compliant
non-compliant securities;
securities;
securities;
(i)
(h)
(i)
(i) Shariah
stockbroking
Shariah
or share
non-compliant
non-compliant entertainment;
trading in
entertainment;
entertainment; Shariah and
non-compliant
and
and securities;
(i)
(i)
(i) Shariah
Shariah
non-compliant
non-compliant entertainment;
entertainment;
entertainment; and
and
and
(j)
(i)
(j)
(j) other
Shariah
other
other activities
non-compliant
activities
activities deemed
deemed
deemed non-compliant
entertainment;
non-compliant
non-compliant and according
according
according to
to
to Shariah
Shariah
Shariah principles
principles
principles as
as
as
(j)
(j)
(j) other
other
other activities
activities
activities deemed
deemed
deemed non-compliant
non-compliant
non-compliant according
according
according to
to
to Shariah
Shariah
Shariah principles
principles
principles as
as
as
(j) determined
other
determined
determined by
activities
by
by the
the
the SACSC
deemed
SACSC
SACSC or
or
or the
non-compliant
the
the Shariah
Shariah
Shariah Adviser,
according
Adviser,
Adviser, in
in
intocases
cases
cases where
Shariah
where
where no
no
no specific
principles as
specific
specific
determined
determined
determined by
by
by the
the
the SACSC
SACSC
SACSC or
or
or the
the
the Shariah
Shariah
Shariah Adviser,
Adviser,
Adviser, in
in
in cases
cases
cases where
where
where no
no
no specific
specific
specific
ruling
determined
ruling
ruling is made
is made
is by
made by by
thethe
by the SACSC.
SACSC
the SACSC.
SACSC. or the Shariah Adviser, in cases where no specific
ruling
ruling is
ruling is made
is made by
made by the
by the SACSC.
the SACSC.
SACSC.
ruling is made by the SACSC.
(iv)
(iv)
(iv) The
The
The calculation
calculation
calculation for
for
for Shariah
Shariah
non-compliant
non-compliant rental
rental
rental from
from
from a
a
a tenant
tenant
tenant conducting
conducting
conducting mixed
mixed
mixed
(iv)
(iv)
(iv) The
The
The calculation
calculation
calculation for
for
for Shariah
Shariah
non-compliant
rental
rental from
from
from a
a
a tenant
tenant
tenant conducting
conducting
conducting mixed
mixed
mixed
(iv) business
The
business activities,
calculation
activities, forshall
shall
shall be
Shariah
be
be based
based
based on
on
on the
non-compliant
the
the percentage
rental
percentage
percentage of
from
of
of area
area
area a occupied
tenant
occupied
occupied for
for
for Shariah
conducting
Shariah
Shariah non-
mixed
non-
non-
business
business
activities,
activities, shall
shall
shall be
be
be based
based
based on
on
on the
the
the percentage
percentage
percentage of
of
of area
area
area occupied
occupied
occupied for
for
for Shariah
Shariah
Shariah non-
non-
non-
compliant
business
compliant
activities,
activities
activities over
over
over the
shall the
the total
be based
total
total area
area
area occupied
on occupied
occupied by
the percentage
by
by the
the
the tenant.
of
tenant.
tenant. Nevertheless,
area occupied
Nevertheless,
Nevertheless, the
for Shariah
the
the Shariah
non-
Shariah
Shariah
compliant
compliant
activities
activities over
over
over the
the
the total
total
total area
area
area occupied
occupied
occupied by
by
by the
the
the tenant.
tenant.
tenant. Nevertheless,
Nevertheless,
Nevertheless, the
the
the Shariah
Shariah
Shariah
Adviser
compliant
Adviser
Adviser may,
may,
may, if
activities
if
if necessary,
over
necessary,
necessary, the apply
total
apply
apply Ijtihad
area
Ijtihad
Ijtihad (intellectual
occupied by the
(intellectual
(intellectual reasoning)
tenant.
reasoning)
reasoning) in
in
in making
Nevertheless,
making
making decision
the Shariah
decision
decision for
for
for
Adviser
Adviser
Adviser may,
may,
may, ififif necessary,
necessary,
necessary, apply
apply
apply Ijtihad
Ijtihad (intellectual
(intellectual
(intellectual reasoning)
reasoning)
reasoning) in
in
in making
making
making decision
decision
decision for
for
for
activities
Adviser
activities
activities that
may,
that
that do
if
do
do not
not
not involve
necessary,
involve
involve the
apply
the
the usage
Ijtihad
usage
Ijtihad
usage of
of
of space
space
space such
(intellectual
such
such as
as
as service-based
reasoning)
service-based
service-basedin activities.
making decision
activities.
activities. for
activities
activities that
that
activities that
that do do
do
do not not
not involve
involve
not involve
involve thethe
the usage
usage
the usage
usage of of
of space
space
of space such
such
space such
such as as
as service-based
service-based
as service-based activities.
activities.
service-based activities.
activities.
activities
(v)
(v)
(v) AME
AME
AME REIT
REIT
REIT may
may
may accept
accept
accept new
new
new tenants
tenants
tenants at
at
at its
its
its existing
existing
existing property
property
property and
and
and renew
renew
renew tenancy
tenancy
tenancy
(v)
(v)
(v) AME
AME
AME REIT
REIT
REIT may
may
may accept
accept
accept new
new
new tenants
tenants
tenants at
at
at its
its
its existing
existing
existing property
property
property and
and
and renew
renew
renew tenancy
tenancy
tenancy
(v) agreements
AME REIT
agreements
agreements of
may
of
of existing
accept
existing
existing tenants
new
tenants
tenants provided
tenants
provided
provided that
at
that
that the
its
the
the percentage
existing property
percentage
percentage of
of
of Shariah
and
Shariah
renew tenancy
non-compliant
non-compliant
agreements
agreements
agreements of
of
of existing
existing
existing tenants
tenants
tenants provided
provided
provided that
that
that the
the
the percentage
percentage
percentage of
of
of Shariah
Shariah
non-compliant
non-compliant
rental
rental (if
agreements
rental (if
(if any)
any)
any) ofafter
after
after such
existing
such
such exercise
tenants
exercise
exercise complies
provided
complies
complies with
that
with
with the
the
the
the prevailing
percentage
prevailing
prevailing permitted
of Shariah
permitted
non-compliant
threshold.
threshold. Prior
Prior
Prior
rental
rental
rental (if
(if
(if any)
any)
any) after
after
after such
such
such exercise
exercise
exercise complies
complies
complies with
with
with the
the
the prevailing
prevailing
prevailing permitted threshold.
permitted threshold
threshold.
threshold. Prior
Prior
Prior
to
to the
rental
to the
the end
(if
end
end of
any)
of
of AME
after
AME
AME REIT’s
such
REIT’s
REIT’s 10th
exercise
10th
10th financial
complies
financial
financial year
year
year after
with the
after
after Listing,
Listing,
Listing, the
prevailing
the
the permitted
permitted
threshold
threshold of
of
of the
Prior
the
the
to
to
to the
the
the end
end
end of
of
of AME
AME
AME REIT’s
REIT’s
REIT’s 10th
10th
10th financial
financial
financial year
year
year after
after
after Listing,
Listing,
Listing, the
the
the permitted
permitted
permitted threshold
threshold
threshold of
of
of the
the
the
Shariah
to the
Shariah
Shariah end non-compliant
of AME
non-compliant
non-compliant REIT’s rental
10th
rental
rental after
financial
after
after such
such
suchyearon-boarding
after
on-boarding
on-boarding of
Listing,
of
of new
the
new
new tenants
permitted
tenants
tenants and
and
and renewal
threshold
renewal
renewal of of
the
of
of
Shariah
Shariah
non-compliant
rental
rental after
after
after such
such
such on-boarding
on-boarding
on-boarding of
of
of new
new
new tenants
tenants
tenants and
and
and renewal
renewal
renewal of
of
of
existing
Shariah
existing
existing tenants
non-compliant
tenants
tenants shall
shall
shall be
be
be less
rental
less
less than
after
than
than 20%.
20%.
20%. suchBy
By
By the
the
the end
end
end of
on-boarding
of
of the
the
the 10th
of new
10th
10th financial
tenants
financial
financial year
and
year
year after
after
after Listing,
renewal
Listing,
Listing,of
existing
existing
existing tenants
tenants
tenants shall
shall
shall be
be
be less
less
less than
than
than 20%.
20%.
20%. By
By
By the
the
the end
end
end of
of
of the
the
the 10th
10th
10th financial
financial
financial year
year
year after
after
after Listing,
Listing,
Listing,
AME
AME
AME REIT
existing
REIT
REIT must
tenants
must
must reduce
shall
reduce
reduce be the
less
the
the Shariah
than
Shariah
Shariah 20%. non-compliant
By the
non-compliant
non-compliantend rental
of the
rental
rental to
10th
to
to less
less
less than
financial
than
than 5%.
year
5%.
5%. After
after
After
After the end
Listing,
the
the end
end
AME
AME
AME REIT
REIT
REIT must
must
must reduce
reduce
reduce the
the
the Shariah
Shariah
non-compliant
rental
rental to
to less
to less
less than
than
than 5%.
5%. After
5%. After
After the
the end
the end
end
of
AME
of
of the
the
the 10th
REIT
10th
10th financial
must
financial
financial reduceyear
year
year post
the
post
post Listing
Shariah
Listing
Listing and
and
and beyond,
non-compliant
beyond,
beyond, AME
rental
AME
AME REIT
to
REIT
REIT lessmay
than
may
may accept
5%.
accept
accept new
After
new
new tenants
the end
tenants
tenants
of
of
of the
the
the 10th
10th
10th financial
financial
financial year
year
year post
post
post Listing
Listing
Listing and
and
and beyond,
beyond,
beyond, AME
AME
AME REIT
REIT
REIT may
may
may accept
accept
accept new
new
new tenants
tenants
tenants
and
of
and
and renew
the 10th
renew
renew tenancy
financial
tenancy
tenancy agreements
year
agreements
agreementspost of
of
of existing
Listing and
existing
existing tenants
beyond,
tenants
tenants whose
AME
whose
whose business
REIT
business
businessmay activities
accept
activities
activities are
new
are
are Shariah
tenants
Shariah
Shariah
and
and
and renew
renew tenancy
renew tenancy
tenancy agreements
agreements
agreements of
of existing
existing tenants
existing
ofpercentage tenants
tenants whose
whose business
business activities
business
whosenon-compliant activities
activities are
are
are Shariah
Shariah
Shariah
non-compliant
and renew
non-compliant
non-compliant tenancy provided
provided
provided that
agreements
that
that the
the
the of existing
percentage
percentage of
of
of Shariah
tenants whose
Shariah
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Shariah
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is
is less
non-compliant
less
less than
than
than 5%.
5%.
5%. Prior
rental
Prior
Prior to
after
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existing
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is
is less
less
less than
than
than 5%.
5%.
5%. Prior
Prior
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on-boarding
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andthe
the Manager
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Manager shall
of existing
shall
shall conduct
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conduct an
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is less
initial
initial assessment
than 5%. Prior to
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on the
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on-boarding
on-boarding of
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new
new tenants,
tenants,
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the
the Manager
Manager
Manager shall
shall
shall conduct
conduct
conduct an
an
an initial
initial
initial assessment
assessment
assessment on
on
on the
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expected
on-boarding
expected
expected percentage
of
percentage
percentage new of
of
of Shariah
tenants, the
Shariah
Manager
non-compliant
non-compliantshall rental
conduct
rental
rental to
to
toan be
be
be received
initial
received
received from
assessment
from
from the
the
theon new
the
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expected
expected
expected percentage
percentage
percentage of
of
of Shariah
Shariah
non-compliant
rental
rental to
to
to be
be
be received
received
received from
from
from the
the
the new
new
new
tenants.
expected
tenants.
tenants. In
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percentage
case
case of
of
of any
any
anyof ambiguity
Shariah
ambiguity
ambiguity in
in
in the
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non-compliant
business
business activities
rental to
activities
activitiesbe of
of
of the
received
the
the new
new
new tenants,
from the
tenants,
tenants, the
new
the
the
tenants.
tenants. In case of any ambiguity in the business activities of the new tenants, the
tenants. In case of any ambiguity in the business activities of the new tenants, the
tenants. In
In case
case of
of any
any ambiguity
ambiguity in
in the
the business
business activities
activities of
of the
the new
new tenants,
tenants, the
the
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Manager shall seek Shariah Adviser’s opinion to determine the Shariah status of the
rental income to be received from the new tenants.
(vi) AME REIT may acquire a real estate with existing tenants provided that the percentage
of its Shariah non-compliant rental after such acquisition is less than the prevailing
permitted threshold. Prior to AME REIT reaching the end of its 10th financial year after
Listing, the permitted threshold is less than the 20%. By the end of the 10th financial year
after Listing, AME REIT must reduce the Shariah non-compliant rental to less than 5%.
After the end of the 10th financial year post Listing and beyond, the permitted threshold
shall be less than the 5%. Prior to such an acquisition of real estate, the Manager shall
submit the proposed acquisition factsheet to the Shariah Adviser for confirmation on the
Shariah compliance status of the tenants. The factsheet shall consist of information on
the acquisition, the details on the business activities of the tenants, the net lettable and
actual rental areas, as well as the rental income to be received from the existing tenants
of the real estate to be acquired.
(vii) In the event of Shariah non-compliance due to failure to reduce the Shariah non-
compliant rental to less than 5% of the total turnover by the end of the 10th financial year
post Listing and beyond, the excess amount of the Shariah non-compliant rental must be
channelled to baitulmal and/or charitable bodies as advised by the Shariah Adviser. It is
advised that the excess amount must be channelled within 1 year from the end of each
financial year for as long as AME REIT is unable to comply with the Shariah non-
compliant rental requirement of less than 5% of the total turnover by the end of the 10th
financial year post Listing and beyond.
Please refer to Section 3.1 of the Appendix F “Shariah Pronouncement” and Section 5.2.13 of
this Prospectus for further details of the Shariah non-compliant rental information of the Subject
Properties.
1.10.2 Takaful
(i) AME REIT is required to use takaful coverage to cover all of its real estates. In the event
that takaful coverage is unavailable or is not commercially viable, AME REIT may then
use the conventional insurance subject to prior approval by the Shariah Adviser.
(ii) Notwithstanding the above, if a real estate is already covered under an existing insurance
policy, the said conventional insurance policy may be used until its expiry. Once the
conventional insurance policy expires, the real estate shall be covered by takaful unless
such coverage is unavailable or is not commercially viable subject to prior approval by
Shariah Adviser.
1.10.3 Usage of Islamic Derivatives
AME REIT shall only use Islamic derivatives for the purpose of hedging of its risk exposures.
However, if Islamic derivatives are unavailable or are not commercially viable, AME REIT may
then use conventional derivatives subject to prior approval by the Shariah Adviser.
1.10.4 Financing Facilities
(i) AME REIT shall only use Islamic financing facilities provided by financial institutions or
by way of an issuance of sukuk, for the purpose of investment in real estate and for
capital expenditure.
(ii) Any financing facilities obtained or to be obtained by AME REIT must comply with
Shariah principles.
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1.10.5 Investments in Non-Real Estate Assets, Cash, Deposits, and Money Market Instruments
AME REIT shall only invest in Islamic non-real estate assets, Islamic deposits and Islamic
money market instruments. Any cash placement made with financial institutions shall be based
on Shariah principles.
1.10.6 Zakat for AME REIT
AME REIT does not pay zakat on behalf of investors of the REIT, both Muslim individuals and
Islamic legal entities. Thus, investors are advised to pay zakat on their own.
1.10.7 Periodic Review by the Shariah Adviser
The Shariah Adviser will review the portfolio of AME REIT on a monthly basis to ensure that its
operations and investments comply with Shariah. Upon completion of each review, the Shariah
Adviser will deliver its opinion on AME REIT’s compliance with Shariah through the issuance of
monthly confirmation reports. Further, a report on the Shariah compliance status of AME REIT
for the respective financial year will also be prepared to be included in the annual report of the
REIT.
The Shariah Adviser confirms that the investment of AME REIT is carried out in accordance
with the Shariah Investment Guidelines issued by the Shariah Adviser. For investment in Non-
Real Estate Assets, the Shariah Adviser also confirms that the instruments have been classified
as Shariah-compliant by the SACSC or the Shariah Advisory Council of BNM. Whilst for
instruments which have not been classified as Shariah-compliant by the said relevant
authorities, their Shariah status has been reviewed and determined by the Shariah Adviser.
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2. SUBJECT PROPERTIES
2.1 OVERVIEW OF THE SUBJECT PROPERTIES
2.1.1 Overview
AME REIT’s initial portfolio will consist of 31 freehold industrial real estate (“Industrial
Properties”) and 3 freehold industrial-related real estate used as workers’ dormitories
(“Industrial-Related Properties” or “Dormitories”).
All of AME REIT’s 34 Subject Properties are located within Iskandar Malaysia. Iskandar Malaysia
is an economic hub and driver for the growth of Malaysia’s economy, as identified in the Ninth
Malaysia Plan. From 2006 to 2020, Iskandar Malaysia has recorded total cumulative investments
of RM340.0 billion.
(a) i-Park @ SAC is situated in Senai Airport City, which is about 6 km from Senai International
Airport. It is also 3 km from North-South Expressway, 4 km from Senai-Desaru Expressway,
5 km from Malaysia-Singapore Second Link Expressway, 6 km from Senai International
Airport and 20 km from Johor Bahru Customs, Immigration and Quarantine Complex (“CIQ”);

Expressway, 8 km from North-South Expressway and Senai-Desaru Expressway, 11 km
from Senai International Airport and 33 km from the CIQ; and
(c) i-Park @ SILC and District 6 @ SILC are situated within Iskandar Puteri. i-Park @ SILC is
about 4 km from Malaysia-Singapore Second Link Expressway, 18 km from Port of Tanjung
Pelepas, 26 km from Senai International Airport, 44 km from Johor Port and 67 km from
Singapore Changi Airport. District 6 @ SILC fronts the Pontian Link Expressway and is about
4 km away from Malaysia-Singapore Second Link Expressway.
All the 34 Subject Properties were developed by the AME Group as part of their ongoing and
Please refer to Section 2.2.1.1 for the details of the development projects of AME Group.
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2. SUBJECT PROPERTIES (Cont’d)

SAC

SILC
@ SILC
Source: AME
(a) SAC Subject Properties
The SAC Subject Properties consist of:
(i) 13 Industrial Properties located in i-Park @ SAC, a managed industrial park

developed by Ipark Development, a subsidiary of the Sponsor, with gated and
guarded facilities such as vehicle access control system. i-Park @ SAC is part of a
195-acre master development that features a recreational park and other amenities,
such as a clubhouse equipped with swimming pool, game courts and a gym in Senai
Airport City, Senai, Johor;
(ii) 1 Industrial Property used as a warehouse located in the Free Industrial Zone facility
which is near to i-Park @ SAC; and
(iii) 1 Industrial-Related Property which is used as workers’ dormitory located adjacent

to i-Park @ SAC,
collectively referred to as “SAC Subject Properties”.
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The location of the SAC Subject Properties are shown in the map below.
Source: AME
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i-Park @ SAC is located in SAC and is next to Senai-Desaru Expressway. It is approximately

5 km from Senai town and 25 km due north-west of Johor Bahru city centre. It is also
accessible from Johor Bahru city via Inner Ring Road (Jalan Lingkaran Dalam), Jalan Stulang
Darat, Eastern Dispersal Link, North-South Expressway, exits at Senai Airport City/Bukit
Amber interchange followed by Persiaran SAC. Alternatively, it is accessible from Johor Bahru
city centre via Jalan Tun Abdul Razak, Skudai Highway, Senai Highway, Jalan Lapangan
Terbang, Jalan Seelong and Persiaran SAC. It is also located about 3 km from the nearest
North-South Expressway interchange, 4 km from the nearest Senai-Desaru Expressway
interchange, 5 km from the nearest Malaysia-Singapore Second Link Expressway
interchange, 6 km from Senai International Airport and 20 km from CIQ. In addition, it is also
located close to retail and recreational amenities such as Econsave hypermarket (about 4 km
away), Palm Resort Golf & Country Club (about 8 km away), IOI Mall Kulai (about 10 km
away), Johor Premium Outlet (about 10 km away) and Aeon Mall Kulaijaya (about 11 km
away).
i-Park @ SAC is a managed industrial development with gated and guarded facilities, which
is equipped with a multi-tier security system, including 24-hour security control, CCTV
surveillance, access cards system, RFID car stickers, and visitor management system. The
integrated master plan for i-Park @ SAC and its surroundings, consists of semi-detached and
detached industrial factory lots with standard sizes ranging from 12,000 sq ft to 74,000 sq ft
and custom-built industrial premises of up to 377,450 sq ft which are for sale and lease, retail
shop lots, clubhouse facilities, a linear park with outdoor sports facilities (futsal court, tennis
court, sand volley court and multi-purpose court), and workers’ dormitory adjacent to it as well
as free zone warehouses which are also located near to i-Park @ SAC.
The buildings in i-Park @ SAC are designed according to green building criteria to promote
sustainability of the environment and building. The green building concept also includes
infrastructure/facilities that are constructed with low carbon footprints that are environmentally
responsible and resource-efficient. The buildings are designed to facilitate the occupants to
further enhance and install more green features as the green building concept is an ongoing
operational effort which includes installation of equipment to enhance sustainability standards
by the users. Basic standard features in the factory buildings include rainwater harvesting to
improve water efficiency, usage of natural lighting to cut down on electrical consumption,
thicker roof insulation to lower ambient factory temperature, building designs to cut down
thermal transfer into the building and natural ventilation. More information on the green
building features is set out in Section 2.2.2.2 of this Prospectus. The facilities in i-Park @ SAC
and its surroundings are also designed and constructed towards a holistic green theme which
involves providing sports and recreational facilities to promote healthy living and landscaping
that also involves sustainable planting methods. The dormitory facilities adjacent to i-Park @
SAC are designed to provide comfortable living and provide recreational and sport spaces for
workers.
i-Park @ SAC and its surroundings has other facilities such as high-speed broadband, natural
gas, sports and recreational facilities, clubhouse facilities, cycling lane, pedestrian walkway
and landscaping, including a recreational park. In line with the green theme, the park operator
conducts regular environmental monitoring for permissible limits of air, water and noise
emissions.
i-Park @ SAC has received several awards and accolades since it was launched in 2017,
including the 5 Stars Winners for Best Industrial Development Malaysia for 2017-2018
awarded by the Asia Pacific Property Award, Excellence Winner of the Best Industrial Park
Development in 2017 in the Starproperty.my Jewels of Johor Awards 2017 and Best Industrial
Development (Regional Winner) by the PropertyGuru Asia Property Awards 2020 and
Honorary Mention of The Edge – PAM Green Excellence Award 2021 by The Edge Malaysia
– Property Excellence Awards (TEPEA) 2021. Please refer to Section 2.2.1.1 for further details
of the awards and accolades received.
The Industrial Properties in i-Park @ SAC are designed to suit various light and medium
industries such as precision engineering, medical devices manufacturing, logistics, plastic
injection molding, packaging, trading, warehouse/storage, electrical and electronics-related
manufacturing as well as research and development.
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The details of the 14 Industrial Properties in or near i-Park @ SAC are as follows:
Approximate
age of Occupancy Appraised
Plot building as at NLA Rate Value(1)
Name Description the LPD (sq ft) (%) (RM’000)
Plot 5 A single storey detached 4 years 31,202 100 8,000

SAC factory with mezzanine office
and other ancillary buildings
located in i-Park @ SAC
currently tenanted to Polycore
Optical (Malaysia) Sdn Bhd for
the manufacturing and
warehousing of ophthalmic
lenses and related activities
Plot 6 A single storey detached 3 years, 28,809 100 7,000

SAC factory with mezzanine office 7 months
currently leased to Federal
Express Services (M) Sdn Bhd
for the processing, logistics
and parcel distribution and
related activities

currently leased to PPC
Moulding Services (Malaysia)
Sdn Bhd for the manufacturing
of silicone and plastic injection
moulded parts, assembling
components for the medical
device industry and related
activities

currently tenanted to Mytech &
Assembly Sdn Bhd for the
manufacturing and assembly
of electronic part, plastic and
brush making and related
activities

currently tenanted to Mytech &
Assembly Sdn Bhd for the
manufacturing and assembly
of electronic part, plastic and
brush making and related
activities
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Approximate

& 19 factory with mezzanine office 10 months
SAC and other ancillary buildings
currently leased to Dyson
Manufacturing Sdn Bhd for the
manufacturing of technology
components and related
products
Plot A single storey detached 3 years, 71,486 100 17,000

1A1 factory with mezzanine office 5 months
currently leased to Lyreco
Office Supplies (Malaysia) Sdn
Bhd for the processing and
distribution centre of office
supplies and workplace
products and related activities
Plot A single storey detached 3 years, 81,969 100 17,000

1B1 factory with mezzanine office 1 month
currently leased to DHL
Express (Malaysia) Sdn Bhd
for the processing, logistics
cum parcel distribution and
related activities
Plot A single storey detached 1 year, 72,177 100 23,000

1C2 factory with mezzanine office 5 months
currently leased to AAC
Technologies (Malaysia) Sdn
Bhd for the manufacturing,
research and development of
engineering and technology
relating to smart phones and
related activities

currently leased to TEK
Automotive Malaysia Sdn Bhd
for the manufacturing of parts
and accessories for motor
vehicles and related activities
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Approximate

SAC factory mezzanine office and
other ancillary buildings
currently tenanted to
Weidmuller (Malaysia) Sdn
Bhd for the manufacturing of
connecting devices, electronic
components and enclosures
and related activities
Plot 30 A single storey detached 1 year, 31,424 100 8,000

currently leased to Hochuen
Medical Sdn Bhd for the
manufacturing and supply of
medical and dental
instruments and supplies and
related activities
Plot 32 A single storey detached 1 year, 100,367 100 21,000

currently leased to a Malaysian
subsidiary of a foreign
multinational electronics
manufacturing services
company for the manufacturing
of electronics
FZW A single storey detached 1 year, 129,818 100 38,000

SAC warehouse together with an 11 months
office annex and other
ancillary buildings located in
the Free Industrial Zone facility
within SAC and currently
leased as a warehouse facility
to the following:
(i) Plot A: GWIP Sdn Bhd
which is involved in the
packaging, assembly,
warehousing and related
activities;
(ii) Plot B: Agility Logistics Sdn
Bhd which is involved in
the warehousing and
related activities; and
(iii) Plot C: GN Resound
Malaysia Sdn Bhd which is
involved in the distribution
and packaging of medical
devices.
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Note:
(1) The market value of the Subject Properties were appraised by the Independent Property Valuer
as at the valuation date of 2 August 2021 and subsequently on 7 February 2022.
The details of the Industrial-Related Property adjacent to i-Park @ SAC is as follows:
Approximate Bed
age of Capacity Occupancy Appraised
Plot building as at (No. of Rate Value(1)
Name Description the LPD beds) (%) (RM’000)
SAC 5 blocks of 5-storey walk-up 3 years, 3 1,828(4) 100 45,000

Dorm workers’ dormitories, a 2- months(2)
storey shop and other
ancillary buildings located 3 years(3)
adjacent to i-Park @ SAC
currently tenanted to I Stay,
business of letting out the
dormitory to third parties
Notes:
(1) The market value of the Subject Property was appraised by the Independent Property Valuer as
at the valuation date of 2 August 2021 and subsequently on 7 February 2022.
(2) Age of building is calculated based on the completion of Phase 1 of SAC Dorm.
(3) Age of building is calculated based on the completion of Phase 2 of SAC Dorm.
(4) The bed capacity as stipulated in the Certificate for Accommodation issued by the Department of
Labour of Peninsular Malaysia to I Stay, the master lessee.
SAC Dorm is situated adjacent to i-Park @ SAC with a capacity of about 1,828 beds. The
building complex comprises 5 blocks of 5-storey walk-up workers’ dormitory, a 2-storey shop
and other ancillary buildings and are equipped with various facilities such as sports and games
facilities, multipurpose hall and other amenities such as convenience stores, cafes and high-
speed broadband. The accommodation comprises 185 units of self-contained living spaces
comprising 2 and 3 bedrooms, a living room, a dining room, kitchen, toilets and a yard. The 2-
storey shop provides space for a café and laundry shop on the ground floor and grocery on
the first floor. The ancillary buildings include a guard house and space which has been used
as first-aid room.
SAC Dorm is tenanted to the Sponsor’s subsidiary, I Stay, under a master lease agreement.
I Stay operates SAC Dorm and is responsible to ensure that it complies with the governmental
regulations for workers’ dormitory. I Stay aims to provide a safe, comfortable and convenient
living environment for the residents who comprise mainly the workers of the operators of i-
Park @ SAC including some of AME REIT’s tenants. I Stay has a dedicated management
team that oversees that the workers’ dormitories adhere to the government guidelines and
caters to the needs of the occupants of the industrial park. Further, I Stay received an accolade
as the Special Mention Recipient in Green Accord Initiative Awards “GAIA” 2019/2020
awarded by the Iskandar Regional Development Authority (IRDA) in respect of SAC Dorm.
The dormitories under the operation of I Stay, which include SAC Dorm, implement a cash
withdrawal system called SoCash to ease cash withdrawal by the workers and a separate
contactless e-wallet system to make payments and remittance back to their home countries.
SAC Dorm is also equipped with “Arcade Sport Facilities”, providing a space for the residents
to participate in various arcade games.
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SAC Dorm is equipped with amenities to improve the productivity of workers as well as reduce
social-related problems. It is within walking distance of the factories in i-Park @ SAC and I
Stay has installed a biometric security system, a first-aid room, and has been provided with
the Certificate for Accommodation by the Department of Labour Peninsular Malaysia.
The design of the living accommodation which are designed as self-contained apartment units
with separate living, dining, kitchen and bathroom facilities akin to service apartments which
allow for physical distancing for the residents. In 2020, I Stay increased the space allocation
for the workers’ dormitories from 3 sq m per pax to 3.6 sq m per pax, for a higher standard of
physical distancing. I Stay also implemented a stringent and disciplined framework to ensure
the general safety and wellbeing of the residents amid the COVID-19 outbreak. It has
implemented a fast response system called i-Response which includes, among others,
adhering to the healthcare requirements and other measures that are stipulated by the
Department of Labour of Peninsular Malaysia and the Ministry of Health.
Further details of the SAC Subject Properties are in Section 2.12 of this Prospectus.
(b) Indahpura Subject Properties
The Indahpura Subject Properties consist of:
(i) 11 Industrial Properties located in i-Park @ Indahpura, a managed industrial park

development project undertaken by AME Development, a subsidiary of the Sponsor (for
Phase 1 and 2), and by Axis AME IP Sdn Bhd, a jointly controlled entity of AME, for
Phase 3 which features gated and guarded facilities such as a vehicle and visitor access
control system, with landscaping and planned drainage systems and is also
complemented with a recreational park located in Bandar Indahpura, Kulai, Johor; and
(ii) 2 Industrial-Related Properties which are used as workers’ dormitories located adjacent
to i-Park @ Indahpura,
collectively referred to as “Indahpura Subject Properties”.
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The location of the Indahpura Subject Properties is shown in the map below.
Source: AME
i-Park @ Indahpura is located in Bandar Indahpura, a township within Iskandar Malaysia and
the corridor of Kulai District, Johor. It is situated about 5 km from Kulai town and 35 km due
north-west of Johor Bahru city centre. It is also accessible from Johor Bahru city centre via
Jalan Tun Abdul Razak, Skudai Highway, Senai-Desaru Expressway, Senai-Kulai main road,
Persiaran lndahpura Utama and Persiaran lndahpura 2. Alternatively, it is accessible from
Johor Bahru city centre via Inner Ring Road, Eastern Dispersal Link, North-South Expressway
exit at Senai Selatan Interchange followed by Malaysia-Singapore Second Link Expressway,
Persiaran lndahpura 6, Persiaran lndahpura Utama, and Persiaran lndahpura 2. i-Park @
Indahpura is also located about 7 km from the nearest interchange to Malaysia-Singapore
Second Link Expressway, 8 km from the nearest interchange to the North-South Expressway
and Senai-Desaru Expressway, 11 km from Senai International Airport, and 33 km from CIQ.
The strategic location of i-Park @ Indahpura as well as its facilities and amenities have been
key factors in attracting local manufacturing companies as well as MNCs to set up their
production plants within the industrial park. Some facilities in the vicinity include Johor
Premium Outlet, AEON Mall Kulaijaya, Foon Yew High School-Kulai and Hospital
Temenggong Seri Maharaja Tun Ibrahim.
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i-Park @ Indahpura is a managed industrial park with gated and guarded facilities, built with
landscaping and planned drainage systems. Phase 1 and Phase 2 of i-Park @ Indahpura
measuring 104.84 acres were developed by AME Development, which comprises 1½ storey
semi-detached factories and 1½ storey detached factories, with standard built-up areas
ranging from about 11,800 sq ft to about 93,000 sq ft and custom-built industrial premises of
up to 150,000 sq ft. Phase 3 of i-Park @ Indahpura is developed by Axis AME IP Sdn Bhd, a
joint venture between AME Industrial Park Sdn Bhd (a wholly-owned subsidiary of the Sponsor)
and Axis IE Sdn Bhd, which has a land area of about 85.4 acres offering large sites ranging
from 1 to 40 acres. i-Park @ Indahpura is part of a 190-acre master development in Indahpura,
Johor that includes Plot 17 Dorm Indahpura and Plot 13 Dorm Indahpura and is next to a
recreational park that features jogging track and outdoor gym equipment which is maintained
by the Sponsor.
The buildings in i-Park @ Indahpura are designed according to the green building criteria to
promote sustainability of the environment and building. Similar to i-Park @ SAC, the buildings
are designed to facilitate the occupants to further enhance and install more green features as
the green building concept is an on-going operational effort which includes installation of
equipment to enhance sustainability standards by the users. Basic standard features in the
factory buildings include rainwater harvesting to improve water efficiency, usage of natural
lighting to cut down on electrical consumption, thicker roof insulation to lower ambient factory
temperature, building designs to cut down thermal transfer into the building and natural
ventilation. More information of the green building concept is set out in Section 2.2.2.2 of this
Prospectus. A recreational park outside i-Park @ Indahpura is aimed to provide a conducive
environment for the occupants of the park and surrounding areas. In line with the green theme,
the park operator appointed by AME Development conducts regular environmental monitoring
for permissible limits of air, water and noise emissions. Further, i-Park @ Indahpura features
a multi-tier security system, including 24-hour security control, perimeter fencing with CCTV
surveillance, access cards system, RFID car stickers and visitor management system.
i-Park @ Indahpura is also an award-winning industrial park and has received several awards
and accolades since its launch, including the Platinum Winner of “Most Conducive Workplace”
for the year 2016-2017 in The Iskandar Malaysia Accolades 2016/2017, Honours Winner of
The Earth-Conscious Award (Best Sustainable Development) in 2018 awarded by the
Starproperty.my Awards 2018, Honours Winner of The Business Estate Award (Best Industrial
Park Development) in 2018 awarded by Starproperty.my Awards 2018, Honours Winner of
The Best Sustainable Development in 2018 in the Starproperty.my Jewels of Johor Awards
2018, Malaysia Property AwardTM (MPA) (Industrial Category) in 2018 awarded by FIABCI-
Malaysia (International Real Estate Federation) and World Silver Winner (Industrial Category)
in the 2019 FIABCI World Prix d’ Éxcellence Awards. Please refer to Section 2.2.1.1 for further
details of the awards and accolades received.
The factory units in i-Park @ Indahpura are designed to suit light and medium industries such
as pharmaceutical research and development centre, RFID, electronics and electrical,
precision engineering, logistics and warehouses, oil and gas related industries, food and
beverages, plastic injection and moulding as well as packaging materials.
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The details of the 11 Industrial Properties are as follows:
Approximate

Indahpura factory with mezzanine office 8 months
located in i-Park @
Indahpura currently tenanted
to GN Resound (Malaysia)
Sdn Bhd for the
manufacturing of hearing aid
devices and related activities
and office

located in i-Park @
Indahpura currently leased to
Heraeus Materials Malaysia
Sdn Bhd for the
manufacturing of metal
contact materials and related
activities and office
Plot 14 A single storey detached 5 months 89,169 100 21,000

Indahpura factory with other ancillary
buildings located in i-Park @
Bericap Malaysia Sdn Bhd
for the manufacturing of
plastic closures and general
wholesale trade and its
related activities and office

located in i-Park @
by HID Global Sdn Bhd for
the manufacturing of RFID
transponders and related
activities and warehousing

located in i-Park @
Cam Plas (Johor) Sdn Bhd
for the manufacturing of
precision plastics injection,
moulding, tooling and related
62
60
Approximate

located in i-Park @
Nippon Kinzoku (Malaysia)
Sdn Bhd for the cutting of
stainless steel and related

located in i-Park @
Samwoo Colorants
(Malaysia) Sdn Bhd for the
manufacturing of colour
masterbatches and
compounding for plastic
applications and related

located in i-Park @
to W & S Plastics (Malaysia)
Sdn Bhd for the use of plastic
moulding and assembly and

Indahpura factory with mezzanine office 1 month
located in i-Park @
HQPack Sdn Bhd for the
manufacturing and
distribution of high
technology packaging and
related activities

located in i-Park @
to Merlin Entertainments
Studios (Malaysia) Sdn Bhd
for the manufacturing of toys
and warehousing
63
61
Approximate
Approximate
Plot age of
building as at NLA Occupancy
Rate Appraised
Value(1)
Plot
Name Description building
the LPDas at NLA
(sq ft) Rate
(%) Value(1)
(RM’000)
Plot 120
Indahpura A singlelocated
factory storey in
detached
i-Park @ 4 months
10 years, 32,186 100 7,000
Indahpura factory located in
Indahpura currently i-Park @ to
leased 10 months
Indahpura
W & S Plastics (Malaysia) to
currently leased
W
Sdn& Bhd
S Plastics
for the(Malaysia)
use of plastic
Sdn
moulding andthe
Bhd for use of plastic
assembly and
moulding and assembly
related activities and
and office
Note:
Note:
(1) Theatmarket
as value of
the valuation the of
date Subject Properties
2 August were
2021 and appraised by
subsequently on the Independent
7 February 2022.Property Valuer
The details of the 2 Industrial-Related Properties adjacent to i-Park @ Indahpura are as follow:
The details of the 2 Industrial-Related Properties adjacent to i-Park @ Indahpura are as follow:
Approximate Bed
Approximate
age of Bed
Capacity Occupancy Appraised
Plot age of as
building Capacity
(No. of Occupancy
Rate Appraised
Value(1)
Plot
Name Description building
at the LPDas (No. of
beds) Rate
(%) Value(1)
(RM’000)
Name Description at the LPD beds) (%) (RM’000)
Plot 17 5 blocks of 5-storey 8 years, 5 2,290(4) 100 45,000
Plot
Dorm17 5 blocks workers’
walk-up of 5-storey 8months
years,(2)5 2,290(4) 100 45,000
Dorm
Indahpura walk-up workers’
dormitory and other months(2)
Indahpura dormitory and other
ancillary buildings 7 years, 2
ancillary buildings
located adjacent to i- 7months
years,(3)2
located
Park @ adjacent
Indahpura to i- months(3)
Park @ Indahpura
currently tenanted to I
currently
Stay which tenanted to I in
is involved
Stay
the business of letting in
which is involved
the
out business of letting
the dormitory to third
out the
parties dormitory to third
parties
Plot 13 2 blocks of 5-storey CCC has 2,272(5) 100 45,000
Plot
Dorm13 2 blocks workers'
walk-up of 5-storey CCC
beenhas 2,272(5) 100 45,000
Dorm
Indahpura walk-up workers'
dormitory, 2-storey been
obtained on 5
Indahpura dormitory, 2-storey
facilities block, and other obtained on 5
July 2022
facilities block,
ancillary buildings and other July 2022
ancillary buildingsto i-
located adjacent
located adjacent
Park @ Indahpura to i-
Park @ Indahpura
tenanted effective from
tenanted
15 July 2022 effective from
to I Stay
15 July 2022 to I Stay
which
business is involved
of lettinginout
the
business of letting
the dormitory to third out
the dormitory to third
parties
parties
Notes:
Notes:
(1) The
as atmarket value ofdate
the valuation the of
Subject Properties
2 August were
2021 and appraised by
subsequently on the Independent
7 February 2022.Property Valuer
(2) Age of building is calculated based on the completion of Phase 1 of Plot 17 Dorm Indahpura.
64
62
62
(4) The bed capacity as stipulated in the Certificate for Accommodation issued by the Department of
(4) The bedofcapacity
Labour as stipulated
Peninsular Malaysia in
to the Certificate
I Stay, for Accommodation
the master lessee. issued by the Department of
Labour of Peninsular Malaysia to I Stay, the master lessee.
(5) The proposed bed capacity is an estimated number by I Stay, the master lessee, which may be
(5) The proposed
subject bed capacity
to changes is an estimated
upon issuance number by
of the Certificate forI Stay, the master by
Accommodation lessee, which may be
the Department of
subject to Peninsular
Labour of changes upon issuance of the Certificate for Accommodation by the Department of
Malaysia.
Labour of Peninsular Malaysia.
Plot 17 Dorm Indahpura and Plot 13 Dorm Indahpura are situated adjacent to i-Park @
Plot 17 Dorm
Indahpura with Indahpura
a capacity and Plot 2,290
of about 13 Dorm beds Indahpura
and 2,272are bedssituated
(subject adjacent
to finaltoapproval
i-Park @ in
Indahpura for
Certificate withAccomodation)
a capacity of about 2,290 as
respectively beds and 2,272 beds (subject to final approval in
follows:
Certificate for Accomodation) respectively as follows:
• Plot 17 Dorm Indahpura’s building complex comprises 5 blocks of 5-storey walk-up
• Plot 17 Dorm
workers’ Indahpura’s
dormitory and other building
ancillarycomplex
buildings. comprises 5 blocks of 5-storey
The accommodation comprises walk-up
229
workers’ dormitory and other ancillary buildings. The accommodation
units of self-contained living spaces comprising 2 bedrooms, a living room, a dining room, comprises 229
units of self-contained living spaces comprising 2 bedrooms,
kitchen, toilets and a yard. One of the blocks also contain management office and a living room, a dining room,
kitchen, toilets
common and
facilities a yard. aOne
including of thekitchen,
canteen, blocks 4also retailcontain
units and management office The
a first-aid room. and
common buildings
ancillary facilities including
include guard a canteen,
house. kitchen, 4 retail units and a first-aid room. The
ancillary buildings include guard house.
• Plot 13 Dorm Indahpura’s building complex comprises 2 blocks of 5-storey walk-up
Plot 13 Dorm
• workers' Indahpura’s
dormitory, 2-storey building complex
facilities block comprises
and other 2 blocks
ancillaryof 5-storey
buildings. walk-up
The
workers' dormitory,
accommodation 2-storey
comprises 195facilities
units of block and other
self-contained ancillary
living spacesbuildings.
comprising The 2
accommodation
bedrooms, a livingcomprises
room, a dining 195 room,
units of self-contained
kitchen, toilets andliving
a yardspaces
for certaincomprising
units. One 2
bedrooms, a living room, a dining room, kitchen, toilets and a
of the blocks also contain management office and common facilities including a first-aid yard for certain units. One
of the and
room blocks also contain
quarantine room.management
The 2-storey office and common
facilities block facilities
includes including
space fora first-aid
a café,
room and
laundry quarantine
shop, grocery room. and a The 2-storey facilities
multipurpose hall. The block
ancillaryincludes
buildingsspace for a guard
include café,
laundry shop, grocery and a multipurpose hall. The ancillary buildings include guard
house.
house.
Both Plot 17 Dorm Indahpura and Plot 13 Dorm Indahpura (upon it being operational) are
Both Plot with
equipped 17 Dorm
various Indahpura
facilities such and asPlotsports
13 Dorm Indahpura
and games (upon
facilities, it being operational)
multipurpose hall and other are
equipped with
amenities suchvarious facilities such
as convenience as sports
stores, cafesand andgames facilities,
high-speed multipurpose
broadband. hallisand
I Stay also other
the
amenities
tenant for such
Plot as 17convenience
Dorm Indahpura stores,andcafes Plotand13high-speed broadband.
Dorm Indahpura under I Stay is also
master the
lease
tenant for Plot 17 Dorm Indahpura and Plot 13 Dorm Indahpura
agreements. I Stay operates both dormitories and is responsible to ensure that they comply under master lease
agreements.
with I Stay operates
the governmental both dormitories
regulations for workers’ and is responsible
dormitories. I Stay to ensure
aims tothat they comply
provide a safe,
with the governmental
comfortable and convenient regulations for workers’ dormitories.
living environment for the residents I Staywho aims to provide
comprise mainly a safe,
the
comfortable
workers and convenient
of customers of i-Parkliving environment
@ Indahpura for the
and some residents
of AME REIT’s who comprise
tenants. Thismainly
eliminatesthe
workers
the of customers
hassle of i-Park to
of finding housing @accommodate
Indahpura and workers some of as AME wellREIT’s tenants.
as solving This eliminates
workers’ logistics
the hassle
issues. of finding
Similar to SAChousing
Dorm, these to accommodate
dormitories are workers as well aswith
also equipped solving
SoCash workers’
system. logistics
issues. Similar to SAC Dorm, these dormitories are also equipped with SoCash system.
Furthermore, Plot 17 Dorm Indahpura and Plot 13 Dorm Indahpura (upon it being operational)
Furthermore,
are equipped Plotwith 17 Dorm Indahpura
amenities to improve and thePlot 13 Dorm Indahpura
productivity of workers(upon as well it being operational)
as reduce social-
are equipped
related problems.withThey
amenities to improve
are within walkingthe productivity
distance of theoffactories
workersinas well @
i-Park as Indahpura
reduce social- and
related
is problems.
equipped with They are withinsecurity
a biometric walking system
distanceand of thea factories
first-aid inroom.i-ParkIt@isIndahpura
the tenant’s and
is equipped with
responsibility a biometric
to apply security system
for the Certificate and a first-aid
for Accomodation from the room. It is theof tenant’s
Department Labour
responsibility
Peninsular to applyfor
Malaysia forthetheDormitories,
Certificate for Accomodation
which has been duly from obtained
the Departmentfor Plot of17Labour
Dorm
Peninsular Malaysia
Indahpura, while the for the Dormitories,
Certificate which has for
for Accommodation beenPlotduly
13 obtained
Dorm Indahpura for Plot has17 Dorm
been
Indahpura,
applied by I while
Stay on the15 Certificate
July 2022.for Accommodation for Plot 13 Dorm Indahpura has been
applied by I Stay on 15 July 2022.
The living accommodation which are designed as self-contained apartment units with
The living
separate accommodation
living, dining, kitchenwhich are designed
and bathroom facilities asakinself-contained apartmentwhich
to service apartments unitsallows
with
separate
for living,
physical dining, for
distancing kitchen and bathroom
the residents. facilities
In 2020, I Stay akin to service
increased theapartments which for
space allocation allows
the
for physical
Plot 17 Dorm distancing
Indahpura forfrom
the residents.
3 sq m per In pax
2020, toI 3.6
Staysqincreased
m per pax, theforspace allocation
a higher standard for the
of
Plot 17 Dorm
physical Indahpura
distancing. For Plotfrom17 3 sq m per
Dorm pax to 3.6
Indahpura, sq malso
I Stay per implemented
pax, for a higher standard
a stringent andof
physical distancing.
disciplined framework Forto Plot
ensure 17 the
Dorm Indahpura,
general safetyI and Staywellbeing
also implemented a stringent
of the residents amid andthe
disciplined framework
COVID-19 outbreak. Ittohas ensure the general
implemented safety
a fast and wellbeing
response system of the residents
called i-Response amid the
which
COVID-19 outbreak. It has implemented a fast response system
includes, among others, adhering to the healthcare requirements and other measures that are called i-Response which
includes, among
stipulated by the others,
Department adhering to the of
of Labour healthcare
Peninsular requirements
Malaysia and andthe other measures
Ministry that are
of Health.
stipulated by the Department of Labour of Peninsular Malaysia and the Ministry of Health.
Further details of the Indahpura Subject Properties are in Section 2.12 of this Prospectus.
Further details of the Indahpura Subject Properties are in Section 2.12 of this Prospectus.
63
65
63
(c) SILC Subject Properties
The SILC Subject Properties consist of:
(i) 3 Industrial Properties located in i-Park @ SILC which is AME Group’s first managed
industrial park with gated and guarded facilities such as security features and
landscaping at common areas. i-Park @ SILC comprises 18 units of semi-detached
factories and 1 unit of detached factory located in SILC; and
(ii) 3 Industrial Properties which are gated single storey detached industrial buildings with
3-storey offices and built with separate individual guard houses to be managed by the
occupants located in District 6 @ SILC,
collectively referred to as “SILC Subject Properties”.
The i-Park @ SILC Subject Properties are shown in the map below.
Source: AME
66
64

AME REIT - Prospectus (Part 1)

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AME REIT - Prospectus (Part 1)

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NOTICE ACCOMPANYING THE ELECTRONIC PROSPECTUS OF AME REAL ESTATE

INVESTMENT TRUST (“AME REIT”) DATED 17 AUGUST 2022 (“ELECTRONIC PROSPECTUS”)

Availability and Location of Printed Prospectus

THE SC IS NOT LIABLE FOR ANY NON-DISCLOSURE

Principal Adviser and Sole Underwriter SUBMITTED TO AND APPROVED BY THE

RHB Investment Bank Berhad FOR INFORMATION CONCERNING RISK

www.amereit.com.my (Registration No. 197401002639) (19663-P)

INDAHPURA SUBJECT PROPERTIES

SILC SUBJECT PROPERTIES

RM557.0 million 34 100.0% Approx. 3.5 yrs

1 Committed Sponsor with Track Record of Delivering Value

● Proven track record as an award-winning integrated industrial space solutions provider.

2 Synergistic Relationship with Sponsor Group Offers Unique Growth Potential

3 Strategically Located in Iskandar Malaysia, a Prime Industrial and Economic Hub

Strong Government Ample Logistic Proximity to Beneficiary of

● Spearheaded by CEO with proven REIT credentials.

● Experienced Directors and key personnel with core expertise.

5 Strong Branding Presence, i-Park

6 Resilient Portfolio – Quality and Diversified Tenant Base

● Subject Properties have resilient occupancy and rental rate.

● Well-spread lease expiry terms providing stable cashflow.

Diversified Across Trade Sectors Diversified Across Tenants’ Country of Origin

Subject Properties by Industrial Properties Industrial-Related Properties

Total bed capacity

24.2% 35.6% 6,390(4)

SAC Industrial Properties SILC Industrial Properties Plot 13 Dorm Indahpura

7 Rising Relevance of Workers’ Dormitories

● First Malaysian REIT to offer this asset class.

8 Prudent Capital Structure that is Poised for Growth

At Listing Date Maximum Debt

9 AME REIT to Benefit from Sponsor’s Strong ESG Emphasis

Environmental Social Governance

NOTICE TO INVESTORS AND ADDITIONAL STATEMENTS

This Prospectus is available from Bursa Securities’ website at www.bursamalaysia.com.

(The rest of this page is intentionally left blank)

An indicative timetable for the Offering is set out below:

Date and time Event

15 August 2022 Entitlement Date

24 August 2022, 5.00 p.m. Closing of the Retail Offering

30 August 2022, 5.00 p.m. Closing of the Institutional Offering

30 August 2022 Price Determination Date

12 September 2022 Allotment of Offer Units to successful applicants

20 September 2022 Listing of AME REIT on the Main Market

(The rest of this page is intentionally left blank)

INFORMATION SUMMARY ......................................................................................................... 1

1. DETAILED INFORMATION ON AME REIT ................................................................... 40

2. SUBJECT PROPERTIES ............................................................................................... 51

3. DETAILS OF THE OFFERING ........................................................................................ 131

4. FINANCIAL INFORMATION ........................................................................................... 151

5. RISK FACTORS .............................................................................................................. 191

6. THE MANAGER .............................................................................................................. 214

7. BACKGROUND INFORMATION ON THE SPONSOR ................................................... 245

8. THE TRUSTEE ................................................................................................................ 251

9. THE SHARIAH ADVISER ................................................................................................ 255

10. PROPERTY MANAGER .................................................................................................. 257

11. SALIENT TERMS OF THE DEED ................................................................................... 261

CORPORATE GOVERNANCE, RELATED PARTY TRANSACTIONS AND

15. ADDITIONAL INFORMATION ......................................................................................... 304

APPENDIX A VALUATION CERTIFICATES A-1

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Acquisitions : Acquisitions by the Trustee (on behalf of AME REIT) of the

Act 446 : Workers' Minimum Standards of Housing and Amenities Act

ADA : Authorised Depository Agent