Axis-REIT's shares higher during early trade following RM80mil warehouse acquisition in Selangor
At 9.58 am, the counter was two sen higher at RM2.03 with a total of 311,300 shares traded.
In a filing with Bursa Malaysia on Friday, Axis-REIT via Axis REIT Managers Bhd stated that RHB Trustees Bhd, the trustee for Axis-REIT, has signed an agreement with the vendor TS Worldwide Warehousing Sdn Bhd for the purchase.
It said TS Worldwide will undertake to subdivide the master land and deliver to RHB Trustees a final land area of about 41,248 square metres (4.12 hectares), along with the buildings on it.
Meanwhile, RHB Investment Bank said it anticipates a positive outcome from the acquisition as it supports the REIT's ongoing strategy of delivering consistent inorganic growth.
"The purchase price implies a decent gross yield of 6.4 per cent, which is reasonable, since the asset is fully leased under a six-year term and is strategically located within a key logistics hub,' it said in a note today.
The investment bank also maintained a 'buy' rating on Axis-REIT with a target price of RM2.23 per share. - Bernama Trading ideas: RHB, Inari, Bintulu, Cypark, KNM, Itmax, Tanco, TSA, Axis REIT, HCK, Skygate, Pestec, Westports, FN
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