Axis REIT acquires industrial property in Nilai for RM50m

Category: Industrial Building

Vendor: K-Plastics Industries Sdn Bhd
Purchaser: Axis Real Estate Investment Trust
Consideration: RM50 million


KUALA LUMPUR (Oct 8): Axis Real Estate Investment Trust is buying a property in the industrial area of Nilai from K-Plastics Industries Sdn Bhd for RM50 million.

The acquisition will be accretive to Axis-REIT’s distributable income, and enable the fund to strengthen its portfolio of industrial properties, the group said in a filing today.

The leasehold land with a gross floor area of 246,500 sq. ft. comprises a single-storey factory with a double-storey office annexed, and also houses a single-storey refuse collection centre, a guard house and a TNB sub-station.

It is currently being used for the manufacturing and sale of plastics and packaging products, Axis REIT said.

“The proposed acquisition of the property is expected to contribute positively to the earnings of the fund for the financial year ending Dec 31, 2019 (FY19), upon its completion date which is targeted to be by end of year 2019,” it said.

Axis REIT closed one sen or 0.54% lower at RM1.83 today, for a market capitalisation of RM2.26 billion.

Source: https://www.theedgemarkets.com/article/axis-reit-acquires-industrial-property-nilai-rm50m

CMMT’S SUNGEI WANG OPENS NEW ANNEX BLOCK WITH 85% LEASING COMMITMENT

Sungei Wang’s new annex block JUMPA @ Sungei Wang has achieved more than 85% in leasing commitment to date. CapitaLand Malaysia Mall REIT Management Sdn Bhd (CMRM) denoted that more brands will be announced soon, including a new-to-market anchor tenant.

CMRM is the manager of CapitaLand Malaysia Mall Trust’s (CMMT) interest in Sungei Wang, which comprises 205 strata parcels within the mall, thereby representing approximately 61.9% of the aggregate retail floor area of Sungei Wang, and 100% of the car park bays. In the past 16 months, JUMPA @ Sungei Wang underwent a RM54.5 million facelift to convert the previous anchor tenant space into specialty stores, and update the annex block. The refurbishment project was initiated by CMMT, as part of its efforts to revitalise and enhance the appeal of 42- year-old Sungei Wang. JUMPA @ Sungei Wang, which opened on Sept 25, 2019, offers a wide range of retail, food and beverages and combines recreation with sports. Sporting a new façade, JUMPA @ Sungei Wang features more than 100 stores across six levels, along with a new Little Asia marketplace.

JUMPA @ Sungei Wang offers a wide range of sports brands such as Anta, Skechers, Puma and outdoor and lifestyle brand Outside (a one-stop store for activewear). Online fashion retailers Love, Bonito and Boundlezz are among the line-up of fashion outlets, while new F&B brands include Restaurant Yi Poh and SRK Noodle House, which offer local Chinese cuisine. JUMPA @ Sungei Wang’s anchor tenants, which are expected to commence operations in December 2019, include Camp5, Asia’s premier indoor rock climbing gym, and MinNature, the largest 3D printed miniature exhibition in Malaysia.

Source: https://www.edgeprop.my/content/1593579/cmmt%E2%80%99s-sungei-wang-opens-new-annex-block-85-leasing-commitment