Axis Real Estate Investment Trust (“Axis-REIT”) Revaluation of Menara Axis, Crystal Plaza, Axis Plaza, Infinite Centre and Axis Business Park pursuant to Clause 11.02(1) of the Securities Commission (“SC”)’s Guidelines on Real Estate Investment Trusts (“SC’s REIT Guidelines”)
| AXIS REAL ESTATE INVESTMENT TRUST |
|
Type | Announcement |
| Subject | Axis Real Estate Investment Trust (“Axis-REIT”) Revaluation of Menara Axis, Crystal Plaza, Axis Plaza, Infinite Centre and Axis Business Park pursuant to Clause 11.02(1) of the Securities Commission (“SC”)’s Guidelines on Real Estate Investment Trusts (“SC’s REIT Guidelines”) |
Contents :
1. INTRODUCTIONOn behalf of the Board of Directors of Axis REIT Managers Berhad (“the Board”), Aseambankers Malaysia Berhad (“Aseambankers”) wishes to announce that the trustee of Axis-REIT has carried out the revaluation for its initial five (5) properties (“Properties”) (“Proposed Revaluation”) pursuant to Clause 11.02(1) of the SC’s REIT Guidelines as follows:
(a) A 14-storey purpose built office building with a basement car park level together with 250 car park bays erected on Lot 309, Section 14, held under Title Pajakan Negeri 6871, Town of Petaling Jaya, District of Petaling, State of Selangor (“Menara Axis”);
(b) A 6-storey purpose built office building together with one basement car park accommodating 199 car park bays erected on P.T. 45, Section 14 held under Title No H.S. (D) 29797, Town of Petaling Jaya, District of Petaling, State of Selangor (“Crystal Plaza”);
(c) A 5-storey individually-designed warehouse-cum-office building with a 2-level basement car park erected on P.T. No. 15952, Title H.S. (D) 102141, Mukim of Damansara, District of Petaling, State of Selangor (“Axis Plaza”);
(d) A 4-storey industrial complex with a lower ground floor car park, a single-storey canteen, a guardhouse and a TNB substation erected on Lot 61, Section 13, Title Pajakan Negeri 3704, Town of Petaling Jaya, District of Petaling, State of Selangor (“Infinite Centre”); and
(e) A 5-storey office cum warehouse building with 2 levels of basement car parks, a 5-storey office building with 1 level of basement car park, a double-storey warehouse building with a mezzanine floor, a 3-storey office annexe and 2 refuse chambers (“Axis Business Park”).
On behalf of the Board, Aseambankers had on 24 September 2007 submitted the Proposed Revaluation application to the SC to comply with Clause 11.02(1) of the SC’s REIT Guidelines whereby it stipulates “subject to sub clause 11.01(3)(c) and clause 11.04, the trustee, shall cause a revaluation of any parcel of real estate directly held by the fund, or indirectly held via the holding of the equity of a single purpose company, to be carried out at least once in every three (3) years from the last valuation date” and Clause 11.02(2) of the SC’s REIT Guidelines which stipulates that “the revaluation must be approved by the SC before being incorporated into the accounts of the fund”
- The details of the revaluation surplus pursuant to the Proposed Revaluation are set out below:-
 | Name of Properties | Date of last valuation | Valuation date | Net Book Value as 30 June 2007 (RM’000) | Proposed Revaluation Amount * (RM’000) | Surplus / (deficit) to be incorporated into fund (RM’000) |
| 1. | Menara Axis | 01.09.2004 | 09.08.2007 | 82,000 | 87,700 | 5,700 |
| 2. | Crystal Plaza | 01.09.2004 | 13.08.2007 | 68,000 | 82,800 | 14,800 |
| 3. | Axis Plaza | 01.09.2004 | 10.08.2007 | 28,000 | 30,700 | 2,700 |
| 4. | Infinite Centre | 01.09.2004 | 13.08.2007 | 32,506 | 35,200 | 2,694 |
| 5. | Axis Business Park | 01.09.2004 | 10.08.2007 | 93,766 | 97,800 | 4,034 |
| Total | - | - | 304,272 | 334,200 | 29,928 |
Notes:
* The Properties were valued on 9 August 2007, 10 August 2007 and 13 August 2007 by Messrs Colliers, Jordan Lee & Jaafar Sdn. Bhd, an independent firm of professional valuer, registered with the Board of Valuers, Appraisers & Estate Agents Malaysia.
4. DOCUMENTS AVAILABLE FOR INSPECTION
The valuation reports in relation to the Proposed Revaluation are available for inspection at the office of Axis REIT Managers Berhad at Suite 6.04 Penthouse, Wisma Academy, 4A Jalan 19/1, 46300 Petaling Jaya, Selangor Darul Ehsan for a period of three (3) months from the date of this Announcement.
Announcement Info
| Company Name | AXIS REAL ESTATE INVESTMENT TRUST |
| Stock Name | AXREIT |
| Date Announced | 25 Sept 2007 |
| Category | General Announcement |
| Reference No | CU-070925-38943 |
