Speaking at a media briefing yesterday, executive director Stewart LaBrooy. said:

• In April 2007, the company had proposed to buy SKB Shutters Manufacturing Sdn Bhd for RM18.5mil. Upon completion of the six acquisitions year-to-date, Axis REIT’s total rental space will spike up 42.6% to 2.35 million sq ft.  “The six new properties will boost Axis REIT’s earnings by 2.68 sen per share to 15 sen in the next financial year
• Axis REIT Managers Bhd is investing RM124.3mil to buy five properties that will contribute significantly to its earnings in the financial year ending Dec 31, 2008.  The acquisitions, mostly slated for completion by year’s end, will boost Axis REIT’s total assets to 15 valued at RM561mil. 
• The REIT would planned to achieve RM800mil in total assets size by year’s end by buying over 5 properties namely:
• six-storey Nestle House in Petaling Jaya. (vendor is Innonature (M) Sdn Bhd) The purchase price is RM39.8mil for the Nestle House and RM7.2mil for Nestle’s warehouse and office building in Subang, Selangor. 
• The third property is a warehouse occupied by the Giant hypermarket in Sungai Petani, Kedah priced at RM38mil.
• The other two properties are a factory and office complex in Senai, Johor, and the warehouse currently occupied by BMW Asia Technology Sdn Bhd in Tanjung Pelepas, priced at RM12.3mil and RM27mil respectively. 
• By doing the investment, the REIT would have a very diversified portfolio which means the REIT’s risk profile is very low
• The REIT’s gearing level will rise to 42% from 22.4% currently. 
• Axis REIT would be issuing 50 million new shares to lower its gearing and enable it to continue with cash acquisitions of new properties. 
• It planned to buy three or four more new properties, focusing on those located in the Iskandar Development Region, Port of
  Tanjung Pelepas, Senai and the
  Klang
  Valley this year. ((28/7/07 – The Star
  Malaysia)

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