Axis REIT buys warehouses in Pasir Gudang for RM32m

KUALA LUMPUR (Oct 25): Axis Real Estate Investment Trust (REIT) has acquired a warehouse logistics facility built on leasehold land in Pasir Gudang, Johor for RM32 million.

The property, with a net lettable area of 276,000 sq ft, comprises one block of single-storey warehouse, together with another three blocks of single-storey warehouse.

Axis REIT said the proposed acquisition of the property from Venice Tulip Sdn Bhd would enable the REIT to strengthen its portfolio of industrial properties.

"The property is located in the established industrial estate in Kawasan Perindustrian Pasir Gudang and within proximity to the Johor Port, the world's largest palm oil terminal with a storage capacity of 460,000 tonnes," it added in a bourse filing.

Venice Tulip is also the tenant of the property, with a monthly rental fee of RM260,735, said Axis REIT.

Axis REIT's units fell one sen or 0.51% to RM1.94 on Monday, valuing the trust at RM2.81 billion.

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