PETALING JAYA: Axis Real Estate Investment Trust (Axis-REIT) is proposing to acquire a plot of leasehold industrial land measuring nine acres in Bandar Sultan Suleiman, Selangor from Barry Callebaut Malaysia Sdn Bhd for RM50mil.

In a filing with Bursa Malaysia, the company said the acquisition consists of a single-storey detached factory with double-storey office block annexed, a standalone double-storey office/ canteen block and other ancillary buildings; as well as a single-storey detached warehouse with double-storey office block annexed together with ancillary buildings.

Axis-REIT said the acquisition is in line with its investment objectives and growth strategy to provide unit holders with stable income distribution and to achieve growth in the net asset value per unit, by acquiring high quality, earnings accretive properties with strong recurring rental income.

“Given the strategic location of the property, the manager expects the property to be accretive to Axis-REIT’s distributable income upon the commencement of the rental or lease to the property.”