Axis Real Estate Investment Trust (KLSE:AXREIT) accepted letter of intent to acquire Manufacturing Facility at Bukit Raja, Klang from Fiw Steel Sdn. Bhd. for MYR 120 million during the period ending December 31, 2020. Axis Real Estate Investment Trust entered into a sale and purchase agreement to acquire Manufacturing Facility at Bukit Raja, Klang from Fiw Steel Sdn. Bhd. on March 5, 2021. The Earnest Deposit of MYR 2.4 million has been paid by RHB to RHB’s solicitors as stakeholders prior to the execution of the SPA; (ii) The Balance Deposit of MYR 9.6 million shall be paid by RHB to RHB’s solicitors as stakeholders upon the execution of the SPA; 3 (iii) The payment of the Balance Purchase Price of MYR 108 million will be paid by RHB to the Vendor within the completion period. The acquisition will be funded by existing bank financing of AxisREIT. The market value of the Property is MYR 121 million, as appraised by First Pacific Valuers Property Consultants Sdn. Bhd., an independent firm of registered valuers, in its valuation report dated January 25, 2021. As of November 13, 2020, the Shariah Adviser for Axis-REIT approved the transaction and on November 20, 2020, the transaction was approved by the trustee. The transaction is expected to complete in the first half of 2021.