CFS Retail Property Trust and Axis Real Estate Investment Trust have won the inaugural APREA Best Practices Awards 2010 in the Mature Markets category and Emerging Markets category, respectively.
The APREA Best Practices Awards 2010 are open to all real estate firms and trusts listed on a regional stock exchange. It was organised by the Asia Pacific Real Estate Association (APREA), a non-profit industry association representing and promoting the real estate sector on a regional basis.
APREA said the response to the Awards’ announcement was overwhelming, with many submissions from different countries including Australia, Hong Kong, India, Japan, Malaysia, the Philippines and Singapore.
The winners were selected based on the extent to which they have followed the recommendations presented in the APREA Best Practices Handbook in several areas including market disclosures, property valuation, accounting and financial reporting, corporate governance and performance reporting. They were also judged on their contributions in providing greater comparability and transparency in their region and local market.
Highly commended awards were also given to Commonwealth Property Office Fund for the Mature Markets category and SM Prime Holdings, Inc for the Emerging Markets category.
Peter Mitchell, chief executive of APREA, said: “We at APREA are proud to have launched our inaugural APREA Best Practices Awards. We believe that these Awards will help highlight the importance of APREA’s Best Practices Handbook recommendations and go a long way in addressing the issues of fragmentation in the Asian real estate market as well as influence a greater harmonization in standards and industry practices. Congratulations must go out to CFS Retail Property Trust and Axis Real Estate Investment Trust as industry leaders in best practices.”