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Friday, February 1, 2008

Axis-REIT eyes Niro properties

AXIS Real Estate Investment Trust (Axis-REIT) plans to buy leasehold properties in Johor from Niro Ceramic (M) Sdn Bhd and Oriental Pulse Sdn Bhd for RM27 million collectively, and enter into a lease back arrangement with the companies. In a statement, Axis-REIT said the plan is to provide unit holders with stable distribution and to achieve growth in net asset value per unit of the fund, which stands at RM1.653. The acquisition will be funded by existing bank borrowings of Axis-REIT, it said.

By New Straits Times

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