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Tuesday, July 21, 2009

Axis REIT buying Klang industrial complex

AXIS REIT Managers Bhd, the manager of Axis Real Estate Investment Trust (REIT), has partially agreed to buy an industrial complex in Klang, Selangor, from Maximum Icon Sdn Bhd (MISB) for RM65 million.

Dubbed The Axis Steel Centre, the complex is expected to offer Axis REIT with a stable income distribution and growth in net asset value per unit.

The centre is currently being leased by Konsortium Logistik Bhd.

“The proposed acquisition will at the same time diversify and enlarge Axis-REIT’s portfolio of properties and is expected to benefit the fund in the long term from economies of scale,” it told Bursa Malaysia yesterday.

By Business Times

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