Pelaburan Hartanah Nasional Berhad (PHNB), a subsidiary of PNB, was established on 21 November 1988 to manage real estate investment trust (REIT), as an alternative to the traditional equity-based unit trusts managed by ASNB. PHNB is the Manager of Amanah Harta Tanah PNB (AHP), a REIT listed on the Main Board of Bursa Malaysia Securities Berhad. PHNB also manages several other properties of PNB Group comprising office buildings, commercial buildings and data centres. Presently, PHNB manages more than 20 properties with total net lettable area of approximately 4 million square feet and total asset value of more than RM2 billion.

AHP was launched on 21 March 1989 and is one of the earliest property trust funds in Malaysia. AHP was subsequently listed on the Malaysian stock exchange on 28 December 1990.

2005 marked a milestone in the unit trust industry when the Guidelines on Real Estate Investment Trusts was issued by the Securities Commission of Malaysia to replace the Guidelines on Property Trust Funds which resulted in the rebranding of property trust fund to REIT.

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