Amanah Raya Bhd plans to double its AmanahRaya REIT's fund size to RM2 billion over the next three to five years, Group Managing Director Adenan Md Yusof said.

He said the company would continue to eye assets acquisition to achieve the target.

"We are hoping to provide better returns in the form of dividends and also capital return for the REITs," he told reporters after announcing a strategic partnership with Japan's real estate asset management company, Kenedix Inc, here.

Amanah Raya today sealed two deals with Kenedix for the acquisition of its REITS worth RM91 million.

Under the agreement, Kenedix acquired 85.98 million units of AmanahRaya REIT, representing 15 per cent of total units in circulation for RM85.98 million.

Kenedix also acquired 735,000 ordinary shares of AmanahRaya REIT Managers Sdn Bhd (ARRM) at RM7 per share, representing a 49 per cent stake for RM5.15 million.

Commenting on the collaboration with Kenedix, Adenan said it will open opportunities in cross leveraging of knowledge and expertise in asset management initiatives, property development and asset management.

"It creates a new platform to build a strategic and synergistic alliance as well as foster relationship networking with international investors, bankers and developers," he said.

Meanwhile, Kenedix Chief Executive Officer Taisuke Miyajima expressed his belief in further growth for REITs in Malaysia.

The Kenedix portfolio includes office buildings, logistic facilities, residential properties, retail outlets, healthcare facilities and data centres. -- BERNAMA