REVALUATION OF PROPERTIES
| AXIS REAL ESTATE INVESTMENT TRUST |
|
Type | Announcement |
| Subject | REVALUATION OF PROPERTIES |
Contents :
1. INTRODUCTION
Reference is made to the announcements dated 25 September 2007 and 23 October 2007 made by the Advisers, Aseambankers Malaysia Berhad, on the proposed revaluation of Menara Axis, Crystal Plaza, Axis Plaza, Infinite Centre and Axis Business Park (collectively referred to as the "Properties") pursuant to Clause 11.02(1) of the Securities Commission ("SC")’s Guidelines on Real Estate Investment Trusts ("Revaluation").
The Board of Directors of Axis REIT Managers Berhad, the Manager of Axis Real Estate Investment Trust ("Axis-REIT") is pleased to announce that, pursuant to Paragraph 9.19 (44) of the Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities"), the total revalued amount of the Properties shall be incorporated into the accounts of Axis-REIT as at 31 August 2007.
2. PURPOSE OF REVALUATION
The Revaluation was to comply with Clause 11.02(1) of the SC’s Guidelines on Real Estate Investment Trusts and approval of the SC had been obtained vide SC’s letter dated 22 October 2007 pursuant to Clause 11.02(2) of the said Guidelines.
3. REVALUATION SURPLUS
The details of the revaluation surplus duly approved by the SC 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 | 01.09.04 | 09.08.07 | 82,000 | 87,700 | 5,700 |
| 2. | Crystal Plaza | 01.09.04 | 13.08.07 | 68,000 | 82,800 | 14,800 |
| 3. | Axis Plaza | 01.09.04 | 10.08.07 | 28,000 | 30,700 | 2,700 |
| 4. | Infinite Centre | 01.09.04 | 13.08.07 | 32,506 | 35,200 | 2,694 |
| 5. | Axis Business Park | 01.09.04 | 10.08.07 | 93,766 | 97,800 | 4,034 |
| Total | - | - | 304,272 | 334,200 | 29,928 |
* 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. EFFECTS ON THE NET ASSET VALUE
The net asset value of Axis-REIT will increase from RM1.429 per unit (last reported to Bursa Securities on 26 October 2007) to RM1.574 per unit.
5. DOCUMENTS AVAILABLE FOR INSPECTION
The valuation reports in relation to the Revaluation are available for inspection at the registered office of Axis REIT Managers Berhad at Suite 11.1A, Level 11, Menara Weld, 76, Jalan Raja Chulan, 50200 Kuala Lumpur during normal office hours from Monday to Friday (except public holidays) for a period of 3 months from the date of this announcement.
This announcement is dated 31 October 2007.
Announcement Info
| Company Name | AXIS REAL ESTATE INVESTMENT TRUST |
| Stock Name | AXREIT |
| Date Announced | 31 Oct 2007 |
| Category | General Announcement |
| Reference No | CC-071031-97E97 |
