REVALUATION OF INVESTMENT PROPERTIES PURSUANT TO FINANCIAL REPORTING STANDARD 140
| AXIS REAL ESTATE INVESTMENT TRUST |
| Type | Announcement | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subject | REVALUATION OF INVESTMENT PROPERTIES PURSUANT TO FINANCIAL REPORTING STANDARD 140 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contents | 1. Introduction The Board of Directors (“Board”) of Axis REIT Managers Berhad (“ARMB” or the “Manager”), the management company of Axis Real Estate Investment Trust (“Axis-REIT” or the “Fund”), wishes to announce that Axis-REIT has undertaken a revaluation exercise on the following properties: a) Tesco Bukit Indah b) Wisma Bintang c) Axis PDI Centre d) Axis Technology Centre e) Niro Warehouse f) Bukit Raja Distribution Centre g) Axis Vista h) Wisma Kemajuan i) Axis Steel Centre j) Delfi Warehouse k) Seberang Prai Logistic Warehouse 1 l) Seberang Prai Logistic Warehouse 2 m) Axis Northport LC 1 n) Kayangan Depot hereinafter referred to as (“Revaluation”). 2. Purpose of Revaluation The purpose of the Revaluation was to ascertain the current market value of the abovementioned 14 investment properties for accounting purposes in line with the Financial Reporting Standard (“FRS”) 140. Under the fair value model of FRS 140, the fair value of the investment property shall reflect market conditions at the balance sheet date (i.e. the investment property is revalued every year). As Axis-REIT has adopted the fair value model stipulated in FRS 140, Axis-REIT will be required to conduct a yearly revaluation on all its real estate properties. The Revaluation is not subject to the approval of the Securities Commission (“SC”) but the valuation reports of all the abovementioned properties shall be deposited with the SC in accordance with the SC’s Guidelines on Real Estate Investment Trusts issued on 21 August 2008. 3. Revaluation Surplus/(Deficit) The details of the revaluation surplus/(deficit) are set out in the tabulation under the Table Section below. 4. Effects on the Net Asset Value The Revaluation represents an increase of 3.92% over the unaudited net book value of the abovementioned 14 properties of RM587,696,859 as at 31 December 2010 (before Revaluation). Based on the unaudited results as at 31 December 2010 (before Revaluation), the net asset value per unit of RM1.9479 will increase to RM2.0091 upon incorporation of the revaluation surplus of RM23,013,141. 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 17 January 2011. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Details of the Revaluation Surplus/(Deficit):
Notes: * The valuations were done by CB Richard Ellis (Malaysia) Sdn Bhd, an independent firm of professional valuers ** The Properties were valued by PA International Property Consultants (KL) Sdn Bhd, an independent firm of professional valuers *** The Properties were valued by C H Williams Talhar & Wong Sdn Bhd, an independent firm of professional valuers ^^ The Property was valued by Raine & Horne International Zaki + Partners Sdn Bhd, an independent firm of professional valuers # The Property was valued by First Pacific Valuers Property Consultants Sdn Bhd, an independent firm of professional valuers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Announcement Info
| Company Name | AXIS REAL ESTATE INVESTMENT TRUST |
| Stock Name | AXREIT |
| Date Announced | 17 Jan 2011 |
| Category | General Announcement |
| Reference No | CCS-110117-28B7A |
