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Axis REIT to acquire two properties in Klang for RM351.8mil

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Axis REIT,Acquisition

Malaysia's leader on April 22 announced plans to build a massive semiconductor design park, aiming to boost the South-East Asian nation's role in the global chip industry.

PETALING JAYA: Axis Real Estate Investment Trust is proposing to acquire an industrial complex and an open storage yard in Klang, Selangor from Amsteel Mills Sdn Bhd for RM351.8mil.

Axis-REIT said the proposed acquisition of the properties is in line with the fund’s investment objectives and its growth strategy to provide the unitholders with stable income distribution and to achieve growth in the net asset value per unit of Axis-REIT, by acquiring high quality, earnings accretive properties with strong recurring rental income.

With the completion of the proposed acquisition of the properties, Axis-REIT said it will have a significant presence within Bukit Raja with properties sitting on a total land area of 119.12 acres.

 

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