Kuala lumpur: Ann Joo Resources Bhd’s wholly-owned subsidiary, Ann Joo Steel Bhd (AJSB), has accepted a conditional offer from Axis REIT Managers Bhd to sell a freehold industrial land in Prai, Penang, for RM800 million.

According to BERNAMA News Agency, the offer was issued by Axis REIT Managers Bhd, acting on behalf of RHB Trustees Bhd, the trustee for Axis Real Estate Investment Trust (Axis-REIT). The disposal involves 54.86 hectares of industrial land and its associated buildings located in Bandar Prai, Seberang Perai Tengah, Penang.

The proposed transaction includes a lease agreement where AJSB will lease the property from Axis-REIT after the sale and purchase agreement is completed. Axis-REIT stated that the lease will be for eight years, with an initial monthly rental of RM4.16 million. The rental terms will be adjusted based on space surrendering at the end of years five, six, and seven, as specified in the sale and purchase agreement.