KUALA LUMPUR: Axis Real Estate Investment Trust (Axis REIT) has completed the acquisition of Axis Steel Centre in Klang, Selangor for RM65.84 million on Oct 20, 2009. OSK Trustees Bhd acted on behalf of the REIT.

The factory sits on a 16.42 acre leasehold plot on known as Lot 19, Lebuh Sultan Hishamuddin 1 in North Port, Klang and has a built-up of 366,839 sq ft. It is currently fully tenanted by Konsortium Logistik Berhad.

According to the announcement on Bursa Malaysia, with the completion of the acquisition, the Board of Directors has also approved the incorporation of the valuation surplus of RM9,161,110.00 into the accounts of Axis-REIT. This increases the net asset value of Axis-REIT from RM1.7359 per unit (as at Sept 30, 2009) to RM1.7700 per unit.

The REIT managers also announced its third quarter financial results today. It recorded a revenue of RM17.671 million for the third quarter ended Sept 30, an increase of 7.04% from the same period last year.
Realised income before taxation and available for distribution amounted to RM10.249 million, up 4% from last year while the provisional distribution per unit (DPU) was up by 6.56% to 4.06 sen per unit.