Axis REIT to raise up to RM270m from proposed placement

KUALA LUMPUR (July 24): Axis Real Estate Investment Trust (Axis REIT) may raise up to RM270 million from its proposed placement of up to 90.76 million new units in the property trust.

Stewart LaBrooy, CEO of Axis REIT Managers Bhd, the manager of Axis REIT, said the funds will be used to acquire more properties this year.

"Our gearing will fall from about 36% to 24% post placement," LaBrooy said at a media briefing on Tuesday in conjunction with the release of Axis REIT's second quarter financial results.