Axis REIT’s fund management firm, Axis REIT Managers Bhd, also planned to increase the fund’s size to pay for the acquisition, it told Bursa Malaysia yesterday.
Axis Steel Centre is an industrial complex with total built-up area of 366,839 sq m, located on a 66,450-sq-m piece of land.
Axis REIT had proposed to acquire the property from certain directors related to the fund and Baiduri Kemas Sdn Bhd, which is a major unitholder of Axis REIT.
Axis REIT said the terms of the proposed acquisition had been reviewed by its audit committee, which is satisfied that the deal was at “arm’s length” and “will not be detrimental to the interest” of Axis REIT unitholders.
The managers proposed to issue new units for the acquisition by the fourth quarter of this year.
In a separate statement, Axis REIT said it would pay unitholders a dividend of 4.1 sen per unit less tax for the second quarter ended June 30, compared with 3.76 sen per unit less tax paid a year ago. The dividend ex-date was set at 5pm July 31.
The property investment trust reported a net profit of RM12.54mil, or 4.9 sen per unit, during the quarter under review against a net profit of RM9.59mil, or 3.75 sen per unit, in the previous corresponding period.
Axis REIT Managers said it was optimistic of maintaining its current performance for the rest of the financial year.
In a separate statement, the fund said its net asset value had increased from RM1.75 per unit (as at June 30) to RM1.76 per unit upon incorporation of a revaluation surplus of RM1.96mil.
This was after the revaluation of two properties owned by the trust.
By The Star
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