Axis Real Estate Investment Trust entered into a sale and purchase agreement to acquire Property Located Within Kawasan Perindustrian Sendayan Techvalley, Seremban from Matrix IBS Sdn Bhd and BSS Development Sdn. Bhd. for MYR 48 million.

Axis Real Estate Investment Trust (KLSE:AXREIT) entered into a sale and purchase agreement to acquire Property Located Within Kawasan Perindustrian Sendayan Techvalley, Seremban from Matrix IBS Sdn Bhd and BSS Development Sdn. Bhd. for MYR 48 million on October 25, 2023.

The acquisition will be funded by existing bank financing of Axis REIT. The transaction is conditional upon the Memorandum of Lease in favour of the Lessee has been duly registered with the relevant land office, duly completed and executed state consent application form, the written consent of the relevant state authority being obtained by the Vendor and Proprietor for the transfer of the said Land, the execution by the Lessee, BSS and the Proprietor the Supplemental Agreement to the Lease Agreement, in terms and format annexed, execution of a novation agreement by the Lessee, the Vendor and RHB Trustees Berhad, the Trustee for Axis-REIT and consent letter from the Lessee to be obtained by the Vendor. The Proposed Acquisition of the Property will be funded by existing bank financing of Axis REIT.

The transaction is expected to complete by the first half of year 2024.