The board of directors of Axis REIT Managers Berhad, the management company of Axis-REIT, announced that RHB Trustees Berhad ("RHB" or "Trustee" or "Purchaser"), the trustee for Axis-REIT, has entered into a sale and purchase agreement in relation to the Proposed Acquisition of the Property, for and on behalf of Axis-REIT. RHB, for and on behalf of Axis-REIT, proposes to acquire the Property for a total lump sum cash consideration of MYR 75.0 million from Xin Hwa Trading & Transport Sdn. Bhd. ("XHTT" or "Vendor"). The Property is to be acquired free from encumbrances but subject to the terms and conditions stipulated in the sale and purchase agreement for such acquisition entered into between RHB and XHTT on 15 March 2021 ("SPA"). RHB, as the Trustee for Axis-REIT, has approved the Proposed Acquisition of the Property, vide their letter dated 13 November 2020 in accordance with the provisions of the Fourth Principal Deed dated 17 January 2020 entered into between RHB and ARMB constituting Axis-REIT. Simultaneous with the execution of the SPA, RHB (as the Lessor) has on even date entered into a conditional lease agreement with XHTT (as the "Lessee"). The subject Property is located within Kawasan Perindustrian Pasir Gudang, which is one of the established industrial areas in Johor. The Property is also located within the same row of Axis-REIT's Kerry Warehouse.