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Thursday, October 27, 2011

Axis REIT to buy RM48.5m assets

KUALA LUMPUR: Axis Real Estate Investment Trust (REIT) has proposed an acquisition and leaseback of a three-storey office block and a logistic warehouse complex for RM48.5mil cash from DHL Properties (M) Sdn Bhd.

The agreement was entered into by OSK Trustee Bhd, the trustee for Axis REIT.

The 3.083ha land is located in Barat Daya district, Penang, Axis REIT said in a statement on Tuesday.

“The proposed acquisition and leaseback of the properties is consistent with the investment objective and strategy of Axis REIT and it will be accretive to Axis REIT's distributable income.

“It will also diversify and enlarge Axis REIT's portfolio of properties and is expected to benefit in the long term from economies of scale,” it said.

By Bernama

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