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Axis Reit to buy land in Pasir Gudang

The planned purchase by Axis Reit is in line with the management's objectives and investment strategy.

The planned purchase by Axis Reit is in line with the management's objectives and investment strategy.

Syndicated News
Written by Syndicated News

KUALA LUMPUR — May 23, 2016: Axis  Real  Estate Investment Trust (Axis Reit) has proposed to buy a plot of land in Pasir Gudang for RM33 million cash from Orientant Int. Sdn. Bhd.

The 2.5-hectare land is in an integrated centre encompassing 1,356.49 ha of industrial area known as Kawasan Perindustrian Pasir Gudang.

A total of 868 ha of the area comprises residential development and a town centre, which also accommodates a business class hotel, a sports centre, a motor racing track and supporting facilities.

“The proposed acquisition is in line with the manager’s investment objectives and growth strategy of Axis Reit to provide the unit-holders with stable income distribution and to achieve growth in the net asset value per unit of Axis-Reit.”

Axis Reit said in a note to Bursa Malaysia today that location-wise, the property falls within Flagship D (eastern development corridor) of Iskandar Malaysia.

Flagship D houses key logistics and port facilities complementary to the operations of the industries based there. It covers Pasir Gudang Port, Pasir Gudang Industrial Park, Tanjung Langsat Port and Tanjung Langsat Industrial Complex.

Current key economic activities in the area are focused on heavy industries, logistics, electrical & electronics, chemical, oleochemical, food and engineering-based industries.

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