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Thursday, April 12, 2012

Axis REIT buys industrial land, buildings for RM26.5m cash

KUALA LUMPUR: Axis Real Estate Investment Trust (Axis-REIT) is expanding its portfolio of properties with the proposed acquisition of two parcels of indsutrial land with buildings in Labu, Negeri Sembilan, for RM26.50mil cash.

Axis REIT Managers Bhd, the management company of Axis-REIT, said on Thursday the 29,436 sq metres of land with tenure of 99 years expiring in September 2095, was acquired from LRS Property Sdn Bhd. The acquisition was undertaken by OSK Trustees Bhd, the trustee for Axis-REIT.

Axis REIT Managers said the acquisition was to provide unitholders with stable distribution and to achieve growth in net asset value per unit of the fund.

By The Star

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