Axis REIT eyes Sungai Petani land

Posted on | July 27, 2007

By BUSINESS TIMES

AXIS Real Estate Investment Trust (Axis REIT) plans to acquire a commercial land in Sungai Petani, Kedah from Raya Pegun Sdn Bhd for RM38 million cash. The property, with a land area of 366,264 sq ft and houses a single-storey warehouse and other facilities, is currently being tenanted to GCH Retail (M) Sdn Bhd for the operations of Giant Hypermarket. The proposed acquisition will be funded by existing bank borrowings of Axis-REIT and is expected to be completed by the end of October 2007.

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