MULTIPLE PROPOSALS AXIS REAL ESTATE INVESTMENT TRUST ("AXIS-REIT") (I) PROPOSED LEASE OF APPROXIMATELY 7.02 ACRES OF VACANT LAND IN SUBANG FORMING PART OF A FREEHOLD LAND ("MASTER LAND") BY RHB TRUSTEES BERHAD FROM MALAYSIA AIRPORTS HOLDINGS BERHAD ("PROJECT LAND"); AND (II) PROPOSED DEVELOPMENT OF A SINGLE-STOREY MANUFACTURING PLANT CUM OFFICE BUILDING WITH A GROSS BUILT-UP AREA OF APPROXIMATELY 178,978.60 SQUARE FEET INCLUSIVE OF ANCILLARY BUILDINGS AND EXTERNAL ELEMENTS, TO BE CONSTRUCTED ON THE PROJECT LAND
| AXIS REAL ESTATE INVESTMENT TRUST |
| Type | Announcement |
| Subject | MULTIPLE PROPOSALS |
| Description | AXIS REAL ESTATE INVESTMENT TRUST ("AXIS-REIT")
(I) PROPOSED LEASE OF APPROXIMATELY 7.02 ACRES OF VACANT LAND IN SUBANG FORMING PART OF A FREEHOLD LAND ("MASTER LAND") BY RHB TRUSTEES BERHAD FROM MALAYSIA AIRPORTS HOLDINGS BERHAD ("PROJECT LAND"); AND
(II) PROPOSED DEVELOPMENT OF A SINGLE-STOREY MANUFACTURING PLANT CUM OFFICE BUILDING WITH A GROSS BUILT-UP AREA OF APPROXIMATELY 178,978.60 SQUARE FEET INCLUSIVE OF ANCILLARY BUILDINGS AND EXTERNAL ELEMENTS, TO BE CONSTRUCTED ON THE PROJECT LAND |
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(Capitalised terms used in this announcement shall have the same meanings as those used in the announcement dated 1 November 2017, unless otherwise stated) We refer to the announcements dated 1 November 2017, 10 November 2017 and 16 November 2017 in relation to the Proposals. On behalf of the Board of Directors of the Manager, Maybank Investment Bank Berhad is pleased to announce that the SC had, through its letter dated 14 December 2017, approved the Proposed Exemptions. The approval of the SC is subject to the following conditions: (i) The Manager must disclose, in the quarterly report, the status of the property development activities undertaken by Axis-REIT including the development progress and the property development cost incurred; and (ii) In relation to all relevant agreements entered into between the Trustee and the appointed contractor, the Manager and the Trustee are to ensure that any deviation to the proposed indicative terms and conditions are not detrimental to the interests of the Unitholders This announcement is dated 15 December 2017. |
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Announcement Info
| Company Name | AXIS REAL ESTATE INVESTMENT TRUST |
| Stock Name | AXREIT |
| Date Announced | 15 Dec 2017 |
| Category | General Announcement for PLC |
| Reference Number | GA1-15122017-00082 |
