1. Introduction
The Board of Directors of Axis REIT Managers Berhad (“the Board” or “Manager”), the management company 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 on a property of Axis-REIT, namely Wisma Bintang (“Property”) pursuant to Clause 10.03 of the SC’s REIT Guidelines (“Revaluation”). A revaluation deficit of RM514,000.00 arising from the Revaluation would be incorporated into the accounts of Axis-REIT as at 30 June 2012.
2. Purpose of Revaluation
The Revaluation was to comply with Clause 10.03 of the SC’s REIT Guidelines where the Property was required to be revalued once in every three (3) years. The Revaluation was not subject to SC’s approval.
3. Revaluation Surplus/Deficit
3.1 The details of the revaluation deficit are set out below:
| | Name of Property | Valuation date | Net Book Value as at
30 June 2012
(RM’000) | Open Market Value
(RM’000) | Surplus/(deficit) to be incorporated into Axis-REIT (RM’000) |
1 | Wisma Bintang | 4 May 2012 | 47,514 | 47,000 | (514) |
TOTAL |  | 47,514 | 47,000 | (514) |
Notes:
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.
3.2 The revaluation deficit of RM514,000.00 comprises of RM414,000.00 arising from the enhancement carried out on the Property during the period ended 30 June 2012 and RM100,000.00 arising from the depreciation in market value.
4. Effects on the Net Asset Value
The net asset value of Axis-REIT will decrease from RM2.1143 per unit (last reported to Bursa Malaysia Securities Berhad on 29 June 2012) to RM2.1132 per unit upon incorporation of the revaluation deficit of RM514,000.00.
5. Documents Available For Inspection
The valuation report in relation to the Revaluation is 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 23 July 2012. |
