Thursday 28 Mar 2024
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This article first appeared in The Edge Financial Daily on October 9, 2019

KUALA LUMPUR: Axis Real Estate Investment Trust (REIT) is buying a property in the industrial area of Nilai from K-Plastics Industries Sdn Bhd for RM50 million in cash.

The acquisition will be accretive to Axis REIT’s distributable income, and enable the fund to strengthen its portfolio of industrial properties, the group said in a filing with Bursa Malaysia yesterday.

The leasehold land with a gross floor area of 246,500 sq ft houses a single-storey factory with a double-storey office annexed. It is currently used for the manufacturing and sale of plastics and packaging products.

“The proposed acquisition of the property is expected to contribute positively to the fund’s earnings for the financial year ending Dec 31, 2019 upon its completion date, targeted by end-2019,” said Axis REIT.

The counter closed one sen or 0.54% lower at RM1.83 yesterday, with a market capitalisation of RM2.26 billion.

 

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