Axis REIT to acquire industrial facility in Kapar for RM41 mil

• The industrial premise comprises two warehouses and a three-storey annexed office building, all on a 268,581 sq ft freehold land.

KUALA LUMPUR (Sept 23): Axis Real Estate Investment Trust (REIT) is acquiring an industrial facility located in Kapar, Klang for RM41 million cash.

In a bourse filing on Friday (Sept 23), Axis REIT’s trustee RHB Trustrees Bhd has entered into a sale and purchase agreement with Jemaramas Jaya Sdn Bhd for the proposed acquisition.

The industrial premise comprises two warehouses and a three-storey annexed office building, all on a 268,581 sq ft freehold land.

It is situated within the industrial area of Meru locality within Klang, a highly established industrial zone in Selangor. The location is also well-connected via several major highways such as New Klang Valley Expressway (NKVE), New North Klang Straits Bypass and the proposed West Coast Expressway (WCE).

Axis REIT noted that the acquisition would enable it to strengthen its portfolio of industrial properties, and is expected to benefit the company in the long term.

The acquisition will be funded by Axis REIT’s existing bank financing, with the exercise expected to be completed by the fourth quarter of 2022.

Axis REIT’s shares finished unchanged at RM1.86 on Friday, giving it a market capitalisation of RM3.05 billion.