BURSA ANNOUNCEMENTS

 

Date : 16 April 2012

OTHERS Revaluation of Property pursuant to Clause 10.03 of the Guidelines on Real Estate Investment Trusts (“REIT Guidelines”) issued by the Securities Commission (“SC”)

AXIS REAL ESTATE INVESTMENT TRUST

TypeAnnouncement
SubjectOTHERS
DescriptionRevaluation of Property pursuant to Clause 10.03 of the Guidelines on Real Estate Investment Trusts (“REIT Guidelines”) issued by the Securities Commission (“SC”)
1. Introduction
The Board of Directors of Axis REIT Managers Berhad (“the Board” or “Manager”), the manager of Axis Real Estate Investment Trust (“Axis-REIT”) wishes to announce that OSK Trustees Berhad, the trustee of Axis-REIT, has carried out the revaluation on a property of Axis-REIT, namely Axis Steel Centre (“Property”) pursuant to Clause 10.03 of the SC’s REIT Guidelines (“Revaluation”). The Board is pleased to announce that the revaluation surplus arising from the Revaluation shall be incorporated into the accounts of Axis-REIT as at 31 March 2012.

2. Purpose of Revaluation

The Revaluation was to comply with Clause 10.03 of the SC’s REIT Guidelines where the Property was required to be revalued once in every three (3) years. The Revaluation was not subject to SC’s approval.

3. Revaluation Surplus/Deficit

The details of the revaluation surplus are set out in the tabulation below:

Name of PropertyValuation dateNet Book
Value as at
31 March 2012

(RM’000)
Open Market Value


(RM’000)
Surplus / (deficit) to be incorporated into Axis-REIT
(RM’000)
1
Axis Steel Centre
30.03.2012
75,000
75,300
300
TOTAL
75,000
75,300
300

Notes:
The Property was valued by Rahim & Co Chartered Surveyors 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 RM2.0804 per unit (last reported to Bursa Malaysia Securities Berhad on 30 December 2011) to RM2.0811 per unit upon incorporation of the revaluation surplus of RM300,000.00.

5. Documents Available For Inspection

The valuation reports in relation to the Revaluation are available for inspection at the:
      5.1 registered office of the Manager at Suite 11.1A, Level 11, Menara Weld, 76, Jalan Raja Chulan, 50200 Kuala Lumpur; and
      5.2 Manager’s office at Suite 6.04 Penthouse, Wisma Academy, 4A Jalan 19/1, 46300 Petaling Jaya, Selangor.
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 16 April 2012.

Announcement Info

Company NameAXIS REAL ESTATE INVESTMENT TRUST  
Stock Name AXREIT    
Date Announced16 Apr 2012  
CategoryGeneral Announcement
Reference NoCC-120416-290A2

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