PETALING JAYA: Axis Real Estate Investment Trust
(Axis-REIT) is disposing of a single-storey warehouse annexed with a double-storey office in Petaling Jaya, Selangor, to Basic Eight (M) Sdn Bhd for RM24.2mil.
In a filing with Bursa Malaysia, Axis-REIT the proposed disposal of the property is in line with the company’s investment objectives.
“The manager believes that after 12 years of owning this property, it is an opportune time to unlock the value of the property as part of our active portfolio management strategy.
“The property is a 42-year-old building currently being used as a sports centre. Considering the disposal price which is above valuation, the disposal is favourable,” it said.
Axis-REIT said the manager intends to fully distribute the net gain on disposal, which will translate into additional income distribution of approximately 0.44 sen per unit to unitholders after the completion date as tax-exempt income distribution.
“The balance will then be utilised to repay existing financings,” said Axis-REIT.
