Axis REIT sees 40% jump in 1Q net trust income, to distribute 2.3 sen per unit
Net trust income rose to RM42.
Net trust income rose to RM42.
On Monday, Axis REIT announced that it is buying the industrial complex and open storage yard from Amsteel, a unit of Lion Industries Corp Bhd.
Following the acquisition, AMSB will lease the property back from Axis REIT for six years, with a starting monthly rental of RM285,833.
Quarterly revenue edged up by 6.
The REIT said the acquisition of Temerloh Mall in Taman Damai, from Amal Mewah Development Sdn Bhd, will be funded by its existing bank financing.
Axis REIT had kept an acquisition target of RM170 million for FY2023, said Kenanga, noting that in the context of the current surge in the supply of industrial properties, the REIT may face heightened competition as potential tenants may be spoilt for choice.
On a quarterly basis, the group’s NPI came in 6.
The property is situated within an established industrial development known as the Sendayan Techvalley Industrial Park.
In a Bursa Malaysia filing on Friday (Oct 20), Axis REIT said the judgement was served to Yongnam Engineering Sdn Bhd (YESB) and its corporate guarantor which is listed on the Singapore Exchange, Yongnam Holdings Ltd, as both parties did not enter their appearance in the lawsuit.
The REIT said the suit against Yongnam Engineering Sdn Bhd (YESB) was filed by its trustee, RHB Trustees Bhd, at the High Court in Johor Bahru on Tuesday.