Axis Real Estate Investment Trust entered into sale and purchase agreement to acquire Kawasan Perusahaan Bukit Raja industrial complex from Amsteel Mills Sdn. Bhd. for MYR 310 million.

Axis Real Estate Investment Trust (KLSE:AXREIT) entered into sale and purchase agreement to acquire Kawasan Perusahaan Bukit Raja industrial complex from Amsteel Mills Sdn. Bhd. for MYR 310 million on April 22, 2024.

The consideration consists of MYR 313 million in cash. As part of the consideration, MYR 313 million was paid towards assets. The property has 242,642.79 square metres of Land Area.

The Acquisition will be funded by existing bank financing of Axis-REIT. The deal is subject to approval from regulatory board, and shareholders of the Lion Industries Corporation Berhad. The deal is expected to be completed by end fourth quarter of year 2024.