EghtesadOnline: Iran’s Ministry of Roads and Urban Development is pursuing the expansion of real-estate investment trusts (REITs) in collaboration with Bank Maskan, the agent bank of the housing sector.
According to Seyyed Mohsen Fazelian, chief executive of Bank Maskan Investment Company, the first real-estate project funded by the Narvan REIT will be established in the foreseeable future. “This will be a new experience for other companies that want to operate in this area,” he was also quoted as saying by HIBNA, the official news portal of Bank Maskan. The government has been supporting REITs as a new and alternative way for boosting the housing sector’s recovery. The first-ever REIT, dubbed Nasim, was officially inaugurated by Roads Minister Abbas Akhoundi and former head of Bank Maskan Mohammad Hashem Botshekan in December 2017, according to Financial Tribune.