The sale of the property to an investment firm, Airique Property Sdn Bhd, is expected to be completed by the third quarter of 2025, with an estimated net pro forma gain of RM4.
The disposal is expected to generate a net gain of RM9 million, which Axis REIT plans to fully distribute the sum.
The purpose-built warehouse has a gross built-up area of 416,572.
Vestland intends to fund the proposed office acquisition via internally generated funds, while the proposed warehouse acquisition will be funded through a mix of internally generated funds and bank borrowings.
Executive chairman and substantial shareholder Lee Check Poh said the group has so far invested RM300 million in the expansion of its warehouses, exceeding the minimum RM240 million investment in capital expenditure (capex) to qualify for the income tax exemption under the Malaysian Investment Development Authority’s (Mida) integrated logistics services (ILS) scheme.
“This is to reduce incidents of double taxing or cascading effect from the tax-on-tax imposition on several layers of the logistics supply chain.
JLL Malaysia logistics and industrial team member Derek Yap said warehouse absorption in Greater Kuala Lumpur remained robust last year, as demonstrated by the strong pre-commitment level from occupiers.
FM Global said its board believes that the profit guarantee is reasonable, after taking into account historical aggregate net profit after tax of CAC for FYE 2021, FYE 2022, and the seven-month financial period ended July 31, 2023 of about S$1.
PTTS said its wholly owned subsidiary PTT Development Sdn Bhd has signed a lease agreement for the leasing of a warehouse with third-party logistic player Longterm Distribution Sdn Bhd.
The demand for warehouse space remains high, with manufacturers being the main drivers as they expand their logistics space.
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