Latest news with #LeongKitMay
New Straits Times
21-05-2025
- Business
- New Straits Times
Axis-REIT lodges RM3bil Sukuk programme for expansion
KUALA LUMPUR: Axis Real Estate Investment Trust's (Axis-REIT) trustee, RHB Trustees Bhd, through its wholly-owned subsidiary, Axis REIT Sukuk Two Bhd, has lodged a Sukuk Programme with the Securities Commission Malaysia with an aggregate nominal value of up to RM3 billion. In a Bursa Malaysia filing today, Axis-REIT said that the Sukuk Programme, based on the Shariah principle of Wakalah Bi Al-Istithmar, allows for the issuance of Senior Islamic Medium Term Notes (Senior Sukuk) and Subordinated Perpetual Islamic Notes (Perpetual Sukuk). "The proceeds to be raised from the Sukuk issuance will be used to, among others, support Axis-REIT's capital and development expenditure, working capital requirements, refinancing its existing or future Islamic financing, as well as other general corporate purposes," it said. Leong Kit May, chief executive officer and executive director of Axis REIT Managers Bhd, the manager of Axis-REIT, said, "We have secured our maiden credit ratings from RAM Ratings Services Bhd, which recognises Axis-REIT's resilient fundamentals and steady growth trajectory over the years. "The Sukuk Programme forms a key part of our prudent capital management strategy as it allows us to diversify our funding sources and optimise financing costs in a disciplined manner," she said. RAM Ratings has assigned long-term ratings of AA2(s) for the Senior Sukuk and A1(s) for the Perpetual Sukuk, both with a stable outlook, reflecting Axis-REIT's strong credit profile and proven operating track record. This also marks a significant milestone for Axis-REIT as it is the first time it has received inaugural credit ratings based on its corporate credit strength.
The Star
23-04-2025
- Business
- The Star
Axis REIT targets RM430mil in new property acquisitions
Axis REIT Managers Bhd chief executive officer Leong Kit May PETALING JAYA: Axis Real Estate Investment Trust (REIT) aims to acquire new properties worth RM430mil, adding to its 69 assets across Peninsular Malaysia with total assets under management of RM5.21bil. The new target for acquisition value marks a sharp jump from the RM300mil target mentioned in January. Axis-REIT Managers Bhd chief executive officer cum executive director Leong Kit May said potential acquisition targets have been identified. These will be 'high-quality, yield-accretive' assets that are strategically located. Axis-REIT also reported yesterday that its net trust income for the first quarter ended March 31 (1QFY25) increased by 16.2% year-on-year (y-o-y) to RM49.13mil. Meanwhile, total revenue rose by nearly 19% y-o-y to RM89.87mil. The improvement was driven by contributions from newly acquired assets, commencement of new tenancies at Axis Mega Distribution Centre (Phase 2), as well as continued positive rental reversions across the portfolio. In 1Q25, Axis-REIT spent about RM4.51mil for the enhancement of its properties, including maintenance. With the higher net income, the trust's earnings per share for 1Q25 inched up marginally to 2.44 sen. Axis-REIT looks to distribute 99% of its 1Q25 realised income to its unitholders. A 2.5 sen distribution per unit has been announced for the first quarter. It will be payable on May 30, with the book closure date on May 8. 'The manager is optimistic that in view of the satisfactory performance of Axis-REIT's existing property portfolio and its growth strategy to actively pursue quality investments, it will be able to maintain its current performance for the financial year ending Dec 31, 2025.' In line with its capital recycling strategy, Axis-REIT has entered into a sale and purchase agreement for the proposed disposal of The Annex in Petaling Jaya, for a total cash consideration of RM24.2mil. The disposal is expected to generate net gains that will be distributed to unitholders upon completion. As at end-March 2025, out of Axis-REIT's 69 properties, a total of 58 assets enjoyed 100% occupancy. Overall, the occupancy rate stood at 97%.
