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Axis Reit to acquire seven properties

July 24, 2012

KUALA LUMPUR: Axis REIT Managers Bhd (ARMB), the manager of Axis Real Estate Investment Trust (Axis-REIT), is looking at acquiring seven new properties this year.

Its CEO, Steward Labrooy, said the company has secured two properties in Penang, both logistics distribution centres in Bayan Lepas and Prai, for RM107.5 million.

The company has also entered into sales and purchase agreement to acquire three properties – Emerson facility in Nilai for RM27 million as well as Wisma Academy and Annex in Petaling Jaya for RM85 million.

Speaking at a media briefing here, today, Labrooy said ARMB is negotiating for six properties worth RM227.78 million, of which it expects to complete two by year-end.

The properties are a technology centre in Petaling Jaya, two industrial facilities in Port of Tanjung Pelepas, two industrial facilities in Johor and a warehouse in Shah Alam.

Labrooy said the company spent RM11 million for the refurbishment and enhancement of its properties during the first half of this year and expected to spend another RM6.0 million for the second half.

He added that ARMB would also position its building to attract multinational companies with a Multimedia Super Corridor (MSC) status.

“This will drive rents in the future. Buildings are excellently located near LRT stations. Target properties are Menara Axis, Crystal Plaza, Axis Business Campus and Strateq,” he said.

- Bernama


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