Axis-REIT disposes of property in Johor for RM162mil

PETALING JAYA: Axis Real Estate Investment Trust (Axis-REIT) is proposing to dispose of the Axis Steel Centre@SiLC in Nusajaya, Johor to a data centre operator for RM162mil.

In a filing with Bursa Malaysia, Axis-REIT said it is unable to disclose the identity of the purchaser as consent was not granted due to confidentiality clauses in the sale and purchase agreement.

“The proposed disposal is in line with the fund’s investment objectives. The manager believes that in the nine years of owning this property, it has maximised the income-generating potential of this asset and there is limited upside for future rental growth in its current capacity as a manufacturing facility.”