PETALING JAYA: Axis Real Estate Investment Trust (Axis-REIT) is acquiring two properties in Selangor from Cycle & Carriage Bintang Bhd for a combined value of RM125mil.
In a filing with Bursa Malaysia, Axis-REIT said the first property is located within the industrial scheme of Seksyen 51A, Petaling Jaya, while the second property is a corner detached industrial lot located along Jalan Perusahaan 1 within an industrial area known as Kawasan Perindustrian Batu Caves.
“The proposed acquisition is in line with the fund’s investment objectives and its growth strategy to provide the unitholders with stable income distribution and to achieve growth in the net asset value per unit of Axis-REIT, by acquiring high quality, earnings accretive properties with strong recurring rental income.
“The proposed acquisition of the properties will be accretive to Axis-REIT’s distributable income and adds to the portfolio of properties that will benefit the fund in the long term,” it said.