REVALUATION OF PROPERTIES PURSUANT TO CLAUSE 10.03 OF THE GUIDELINES ON REAL ESTATE INVESTMENT TRUSTS ISSUED BY THE SECURITIES COMMISSION (“SC’s REIT Guidelines”)
| AXIS REAL ESTATE INVESTMENT TRUST |
| Type | Announcement | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subject | REVALUATION OF PROPERTIES PURSUANT TO CLAUSE 10.03 OF THE GUIDELINES ON REAL ESTATE INVESTMENT TRUSTS ISSUED BY THE SECURITIES COMMISSION (“SC’s REIT Guidelines”) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contents | 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 for the seven (7) properties (“Properties”) of Axis-REIT pursuant to Clause 10.03 of the SC’s REIT Guidelines (“Revaluation”). The Board is pleased to announce that the total revaluation surplus shall be incorporated into the accounts of Axis-REIT as at 30 September 2010. 2. Purpose of Revaluation The Revaluation was to comply with Clause 10.03 of the SC’s REIT Guidelines where the Properties were required to be revalued once in every three (3) years. The approval from the SC on the said Revaluation is not required. 3. Revaluation Surplus/Deficit The details of the revaluation surplus are set out in the tabulation below. 4. Effects on the Net Asset Value The net asset value of Axis-REIT will increase from RM1.8584 per unit (last reported to Bursa Malaysia Securities Berhad on 30 September 2010) to RM1.8891 per unit upon incorporation of the revaluation surplus of RM11,702,000. 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 20 October 2010. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes: * The Properties were valued by CB Richard Ellis (M) Sdn Bhd, an independent firm of professional valuer, registered with the Board of Valuers, Appraisers & Estate Agents Malaysia. ** 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. *** The Property was valued by PA International Property Consultants (KL) Sdn Bhd, an independent firm of professional valuer, registered with the Board of Valuers, Appraisers & Estate Agents Malaysia. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Announcement Info
| Company Name | AXIS REAL ESTATE INVESTMENT TRUST |
| Stock Name | AXREIT |
| Date Announced | 20 Oct 2010 |
| Category | General Announcement |
| Reference No | CC-101018-52299 |
