KUALA LUMPUR : Axis Real Estate Investment Trust's (Axis-REIT) trustee, OSK Trustee Bhd, has entered into two sales and purchase agreements to acquire Wisma Academy and the Annex in Petaling Jaya for RM85m il from Academy Resources Sdn Bhd.
“The proposed acquisitions will also enable Axis-REIT to diversify and enlarge its portfolio of properties and is expected to benefit the trust in the long-term as a result of economies of scale,” said Stewart LaBrooy, chief executive officer of Axis REIT Managers Bhd, the manager of the trust.
He said the acquisition was in line with the trust's investment objectives as well as its growth strategy which was to provide unitholders with stable income distribution.
By Bernama
Friday, June 15, 2012
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