Axis Global Islamic REIT has postponed its initial public offering of $650 million due to adverse market conditions, The Wall Street Journal reports. The Shariah-compliant industrial REIT had been planning a mid-August listing, after delaying a July debut on the Malaysia Stock Exchange. The process was still in the pre-marketing stage and the company did not disclose whether it will relaunch the offer. Axis Global Islamic REIT is a division of Axis REIT Management, which also manages the Axis Real Estate Investment Trust.

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