TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS AXIS REAL ESTATE INVESTMENT TRUST (AXIS-REIT) (I) PROPOSED LEASE OF INDUSTRIAL LAND AT BATU KAWAN INDUSTRIAL PARK, PENANG BY RHB TRUSTEES BERHAD (AS TRUSTEE FOR AXIS-REIT) FROM PENANG DEVELOPMENT CORPORATION (II) PROPOSED DEVELOPMENT OF A SINGLE-STOREY WAREHOUSE FACILITY TO BE CONSTRUCTED ON THE LAND (III) PROPOSED SUB-LEASE OF THE LAND AND THE FACILITY BY AXIS-REIT TO FEDERAL EXPRESS SERVICES (M) SDN BHD
| AXIS REAL ESTATE INVESTMENT TRUST |
| Type | Announcement |
| Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS |
| Description | AXIS REAL ESTATE INVESTMENT TRUST (AXIS-REIT) (I) PROPOSED LEASE OF INDUSTRIAL LAND AT BATU KAWAN INDUSTRIAL PARK, PENANG BY RHB TRUSTEES BERHAD (AS TRUSTEE FOR AXIS-REIT) FROM PENANG DEVELOPMENT CORPORATION (II) PROPOSED DEVELOPMENT OF A SINGLE-STOREY WAREHOUSE FACILITY TO BE CONSTRUCTED ON THE LAND (III) PROPOSED SUB-LEASE OF THE LAND AND THE FACILITY BY AXIS-REIT TO FEDERAL EXPRESS SERVICES (M) SDN BHD |
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The Board of Directors of Axis REIT Managers Berhad, the management company of Axis-REIT, wishes to announce that Axis-REIT proposes to undertake the following:
(i) lease of the approximately 2.4975 acres of industrial land at Batu Kawan Industrial Park, Penang and forming part of Plot 329 (c) (“Land”) by RHB Trustees Berhad, the trustee of Axis-REIT (“Trustee” or “Lessee”), from Penang Development Corporation (“PDC” or “Lessor”) (“Proposed Land Lease”);
(ii) development of a single-storey warehouse facility with office space having a gross built-up area of approximately 44,000 sq ft inclusive of ancillary buildings and external elements (“Facility”), to be constructed on the Land (“Proposed Development”); and
(iii) sub-lease of the Land together with the Facility to Federal Express Services (M) Sdn Bhd (“FedEx” or “Sub-Lessee”) to be used as courier facility for bonded and non-bonded warehouse (“Proposed Sub-Lease”).
(The Proposed Land Lease, Proposed Development and Proposed Sub-Lease are collectively referred to as “Proposals”)
In this regard, on 15 July 2019, the Trustee, on behalf of Axis-REIT, has entered into a lease agreement with PDC for the Proposed Land Lease and a build and lease arrangement with FedEx for the Proposed Development and the Proposed Sub-Lease.
Please refer to the attachment below for the details of the Proposals.
This announcement is dated 15 July 2019. |
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Please refer attachment below.
Announcement Info
| Company Name | AXIS REAL ESTATE INVESTMENT TRUST |
| Stock Name | AXREIT |
| Date Announced | 15 Jul 2019 |
| Category | General Announcement for PLC |
| Reference Number | GA1-15072019-00033 |
