PROPERTY NEWS: Axis-REIT purchases land from Jemaramas Jaya Sdn Bhd in Klang for RM41mil

Key takeaway:

RHB Trustees Bhd, the trustee of Axis Real Estate Investment Trust (Axis-REIT), is obtaining an industrial facility on a 268,581 sq ft land in Klang from Jemaramas Jaya Sdn Bhd for RM41 million cash.

Leong Kit May, chief executive officer and executive director of Axis REIT Managers Bhd, said that Axis-REIT had completed purchases of up to RM438.3 million for the current financial year.

"We will keep expanding our portfolio by acquiring high-quality properties that offer profitable returns to our unitholders.

In a statement, he added, "With the completion of this property anticipated by year's end, we are thrilled to add on another industrial facility that is strategically placed inside Klang Valley to our existing portfolio of 61 assets."

The facility's entire gross floor space is 193,015 sq ft, and it consists of two warehouses and a three-story annex office building.

The acquisition will be finished by the end of the 2022 fourth quarter (Q4).

After the acquisition is complete, the building will be leased back to Jemaramas Jaya for a period of three years, according to Axis-REIT.

The RM41 million deal will be covered with current bank financing.

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