BURSA ANNOUNCEMENTS

 

Date : 20 April 2010

INCORPORATION OF VALUATION SURPLUS ARISING FROM COMPLETION OF ACQUISITION

AXIS REAL ESTATE INVESTMENT TRUST

TypeAnnouncement
SubjectINCORPORATION OF VALUATION SURPLUS ARISING FROM COMPLETION OF ACQUISITION
ContentsReference is made to the announcement made on 5 March 2010 on the completion of the proposed acquisition of Seberang Prai Logistic Warehouses 1 and 2.

In accordance with Paragraph 9.19(46) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”), the Board of Directors (“Board”) of Axis REIT Managers Berhad (“Manager”), the Manager of Axis Real Estate Investment Trust (“Axis-REIT”) wishes to announce that the Board has approved the incorporation of a total valuation surplus of RM1,758,771.00 (“Valuation”) into the accounts of Axis-REIT as at 5 March 2010 (please refer to the tabulation below for the Valuation details).

The Valuation was carried out pursuant to Clause 10.02 of the Guidelines on Real Estates Investment Trusts of Securities Commission (“SC”) for the proposed acquisition of Seberang Prai Logistic Warehouses 1 and 2 and the approval from the SC on the Valuation is not required. Upon incorporating the total valuation surplus of RM1,758,771.00 into the accounts of Axis-REIT as at 5 March 2010, the net asset value of Axis-REIT will increase from RM1.8060 per unit (as at 31 March 2010) to RM1.8117 per unit.

The valuation reports in relation to the above Valuation are available for inspection at the:

(i) Registered office of the Manager at Suite 11.1A, Level 11, Menara Weld, 76, Jalan Raja Chulan, 50200 Kuala Lumpur; and
(ii)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 20 April 2010.
Name of PropertyValuation dateAcquisition cost as at 5 Mar 2010 (RM)Proposed Valuation Amount (RM)Surplus / (deficit) to be incorporated
(RM)
Seberang Prai Logistic Warehouse 1*2 November 200917,727,593.0018,990,000.001,262,407.00
Seberang Prai Logistic Warehouse 2*2 November 20096,993,636.007,490,000.00496,364.00
    * both valuations were conducted by C H Williams Talhar & Wong Sdn Bhd, an independent firm of professional valuer, registered with the Board of Valuers, Appraisers & Estate Agents Malaysia.

    Announcement Info

    Company NameAXIS REAL ESTATE INVESTMENT TRUST  
    Stock Name AXREIT    
    Date Announced20 Apr 2010  
    CategoryGeneral Announcement
    Reference NoCCS-100420-2470C

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