Axis Real Estate Investment Trust (Axis-REIT) plans to purchase an industrial complex and open storage yard in Klang, Selangor, for RM351.8 million from Amsteel Mills Sdn Bhd.
The acquisition is a strategic move in line with Axis-REIT's investment objectives, aiming to provide stable income distribution and drive growth in net asset value for its unitholders.
The properties are situated within the prime industrial area of Kawasan Perindustrian Bukit Raja, benefiting from excellent connectivity to major highways.
Upon completion of the acquisition, Axis-REIT expects to significantly enhance its presence in Bukit Raja, with properties covering a total land area of 119.12 acres. While one of the properties is anticipated to positively impact the fund's earnings for the financial year ending December 31, 2024, the other is expected to contribute rental income towards the end of 2025.