Kuala lumpur: Axis Real Estate Investment Trust’s (Axis-REIT) trustee, RHB Trustees Bhd, has entered into a sale and purchase agreement to acquire an industrial property from Barry Callebaut Malaysia Sdn Bhd for RM50 million. The property, located in the Bandar Sultan Suleiman Industrial Zone, Port Klang, comprises a plot of leasehold industrial land measuring about 3.64 hectares, Axis-REIT said in a statement today.

According to BERNAMA News Agency, the acquisition is expected to be completed by the first quarter of 2026 and will be funded through existing bank facilities. The acquisition is expected to increase Axis-REIT’s financing ratio to 33.92 percent of audited total assets as at December 31, 2024.

Axis REIT Managers Bhd’s chief executive officer and executive director, Leong Kit May, said the acquisition aligns with its strategy to acquire properties in prime locations. “The property is also designated for light-to-heavy industrial usage, which increases the flexibility of the property and allows Ax
is-REIT to cater for a wider array of tenants,” she added.