TERMINATION OF THE SALE AND PURCHASE AGREEMENTS PERTAINING TO PROPOSED ACQUISITION OF PROPERTIES
| AXIS REAL ESTATE INVESTMENT TRUST |
| Type | Announcement |
| Subject | TERMINATION OF THE SALE AND PURCHASE AGREEMENTS PERTAINING TO PROPOSED ACQUISITION OF PROPERTIES |
| Contents | The Board of Directors of Axis REIT Managers Berhad (“ARMB” or “the Manager”), the management company of Axis Real Estate Investment Trust (“Axis-REIT”), had on 1 April 2008 announced on behalf of Axis-REIT, that OSK Trustees Berhad, the trustee of Axis-REIT (“Trustee”) had entered into sale and purchase agreements dated 1 April 2008 (“SPAs”) respectively, for the proposed acquisition of the following properties from Well-Built Holdings Sdn Bhd (“Vendor”): (a) GM 811 for Lot No 205 in Tempat Seelong, Mukim Senai-Kulai, Daerah Kulai, State of Johor measuring approximately 2.0477 hectares; and (b) Portion of the land held under GM 1171 for Lot No 211 Tempat Seelong, Mukim Senai-Kulai, Daerah Kulai, State of Johor measuring approximately 5.335 acres (collectively referred to as “Properties”). However, in view of certain unfulfilled conditions precedent as stipulated in the respective SPAs as at the expiry date of the conditional period (defined and stipulated in the SPAs) the Manager is of the opinion that it would be in the best interest of Axis-REIT not the proceed with the proposed acquisition of the Properties and has recommended to the Trustee to terminate the SPAs accordingly. Axis-REIT’s solicitors shall arrange for the refund of the deposits paid (together with all interest accrued thereon) to the Vendor’s solicitors as stakeholders, to Axis-REIT immediately. The funds originally allocated for the proposed acquisition of the Properties shall be channeled to future acquisition of Axis-REIT. |
Announcement Info
| Company Name | AXIS REAL ESTATE INVESTMENT TRUST |
| Stock Name | AXREIT |
| Date Announced | 20 Oct 2008 |
| Category | General Announcement |
| Reference No | CCS-081020-8253F |
