Axis REIT buys Kulai business property for RM61mil

KUALA LUMPUR: Axis Real Estate Investment Trust (REIT) is adding a two-storey office building with four single-storey detached factories in iPark industrial area in Kulai, Johor.

Axis REIT Managers Bhd (ARMB), which manages the business and industrial REIT, told Bursa Malaysia that the fund proposed to acquire the property on 3.95ha freehold land for RM61mil cash from Axis AME IP Sdn Bhd, a company which is a related party to certain ARMB directors who are also Axis-REIT untholders.

Axis AME IP Sdn Bhd is involved in the joint venture to develop the industrial city. ARMB directors Datuk George Stewart LaBrooy (chief executive officer), Stephen Tew Peng Hwee and Datuk Abas Carl Gunnar Abdullah (executive deputy chairman) hold 20%, 20% and 40% indirect interest in Axis AME IP.

On Monday, Axis REIT had announced that it aborted the proposed acquisition of an industrial facility in Port Klang for RM46mil cash.