Axis REIT acquires property in Port Klang for RM80mil
Axis REIT Managers Bhd said RHB Trustees Bhd, the trustee for Axis REIT, has signed an agreement with the vendor TS Worldwide Warehousing Sdn Bhd, for the purchase.
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, it said in a filing with Bursa Malaysia today.
Axis REIT Managers said the acquisition 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 property with strong recurring rental income.
"The acquisition will be accretive to Axis REIT's distributable income and adds to the property portfolio that will benefit the Fund in the long term," it said.
The deal is expected to contribute positively to the earnings of Axis REIT for the financial year ending Dec 31, 2026, on agreement completion date, which is targeted to be by the fourth quarter of 2026.
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