Editor's note: The IPO Monitor is a feature that tracks international real estate companies debuting on the exchanges.

SOUTH AFRICA     

Johannesburg-listed Mara Delta Property Holdings Ltd. is "aggressively" working on the REIT conversion of its Moroccan unit.

Mara Delta, previously known as Delta Africa Property Holdings Ltd., is looking to convert Freedom Property Fund SARL into a REIT under Moroccan regulations and ultimately list it on "a recognized stock exchange."

The company will form an external asset manager for the REIT as required by Moroccan REIT legislation. It will hold a 20% stake in Morocco REIT Management SA, which will manage the new REIT and provide related services.

The REIT conversion is expected by the end of 2016, according to a report from Business Day (South Africa).

JAPAN

Ooedo Onsen REIT Investment Corp. debuted on the Tokyo Stock Exchange REIT Securities Market Aug. 31. Its shares opened at ¥89,200 apiece, a 4.1% discount from the IPO price, Jutaku-Shimpo-Sha reported. Japan's first hot-spring REIT listed with nine assets in its portfolio.

INDIA

Industrial and logistics real estate development platform IndoSpace is teeing up a US$2 billion private REIT offering, India's Mint reported, citing three people familiar with the matter. The group is reportedly in advanced talks to land investments from Singapore's Temasek Holdings Pte and GIC Pte, the Canada Pension Plan Investment Board and the Abu Dhabi Investment Authority.

Backed by India's Everstone Group and U.S.-based Realterm, IndoSpace has 17 industrial and logistics projects in operation or under development across India.

The transaction is expected to close in a few weeks. Citibank is advising IndoSpace on the transaction, the report said, citing one of the sources.