Regions

Malaysia's Axis REIT Managers Bhd (ARMB) has sold the Axis Plaza to Collective Developers Sdn Bhd for MYR34 million. ARMB is the manager of Axis Real Estate Investment Trust (Axis-REIT).

According to Malaysian news portal Star Online, Axis Plaza was one of the initial public offering properties purchased by Axis-REIT for a lump sum price of MYR22 million eight years ago. The freehold five-storey office and warehouse is located in Glenmarie, Shah Alam City.

ARMB confirmed that RHB Trustees Bhd has entered into a sales and purchase agreement for the disposal of Axis Plaza. RHB Trustees is the holding firm for Axis-REIT's assets, the report said.

ARMB chief executive officer Datuk Stewart Labrooy in a statement said that his company expects a gain of about MYR11 million from the proposed disposal of Axis Plaza. Proceeds from the deal will contribute positively to the earnings of Axis-REIT for the financial year ending December 31, 2014, Labrooy added.