Axis-REIT to buy four plots of land for RM61 mil

KUALA LUMPUR (Nov 11): The trustee of Axis Real Estate Investment Trust (Axis-REIT), RHB Trustees Bhd, has signed a sale and purchase agreement with Axis AME IP Sdn Bhd to acquire four plots of freehold land in Johor for RM61 million.

The 3.95ha land parcel, located in Kawasan Perindustrian i-Park, has four single-storey detached factories annexed to a two-storey office building, Axis REIT Managers Bhd (ARMB) said in a statement today.

ARMB said the proposed acquisition would increase the total assets under management of the fund to RM2.15 billion.

"The property is currently leased to Beyonics Technology for 10 years, from Aug 1, 2015, until July 31, 2025.

"Upon the expiry of the lease term, Beyonics can renew the lease for a term of three years with a further option to extend for another two years upon the expiry of the first renewed lease term.”