Axis Reit to purchase warehouses from IDS Logistics

Axis REIT Managers Bhd (ARMB) has expressed the company's plan to purchase seven warehouses located in Klang and Seberang Prai using RM96 million. In a recently released statement by ARMB, the deal included five warehouses in Bukit Raja, Klang while the remaining two in Seberang Perai, Penang.

The acquisition is set at RM71.75mil for warehouses in Klang while the latter costs RM24.25mil. Klang properties are situated in a premier industrial zone, Bukit Raja Industrial Estate while Penang properties are located approximately 15 kilometres from Railway Station and Butterworth Ferry Terminal.

The sale and deal agreement is a 15-year fixed lease that comes with an option to renew the agreement for additional 15 years with the current owner and operator, IDS Logistics Services (M) Sdn Bhd.