Axis-REIT sells Axis North Port LCI for RM14.5m

KUALA LUMPUR: Axis REIT Managers Bhd (ARMB), the manager of Axis Real Estate Investment Trust (Axis-REIT), has entered into a sale and purchase agreement for the disposal of Axis North Port LCI, to Freight Management (M) Sdn Bhd for RM14.5 million, according to statement by the company on Monday, Jan 17.

Axis North Port LCI, in Port Klang, is an industrial complex comprising a single-storey detached warehouse with a double-storey office annexe, a double-storey amenities building and other ancillary buildings.

The statement said that the disposal is in line with ARMB's objectives of providing Unitholders with stable distribution and growth of Axis-REIT's net asset value (NAV) per unit of the Trust.

Meanwhile, according to its filing on Bursa Malaysia on the same day, ARMB also posted a 42% jump in its fourth quarter (4Q) profit for 2010 compared to 4Q2009, from RM28.8 million to RM40.99 million. Profit for its year ending (FYE) Dec 31, 2010 stood at RM101.3 million, a significant jump from RM61.98 million the year before.

Todate, Axis-REIT has paid a total income distribution of RM33 million to the unitholders and has further set aside RM19.7 million as final income distribution for the year of 2010.