PETALING JAYA: Axis Real Estate Investment Trust (Axis-REIT) is disposing of a single-storey warehouse annexed with a double-storey office in Petaling Jaya, Selangor, to Basic Eight (M) Sdn Bhd for RM24.2mil.

In a filing with Bursa Malaysia, Axis-REIT said the proposed disposal of the property was in line with the company’s investment objectives.

“The manager believes that after 12 years of owning this property, it is an opportune time to unlock the value of the property as part of our active portfolio management strategy.

“The property is a 42-year-old building currently being used as a sports centre. Considering the disposal price which is above valuation, the disposal is favourable,” it said.

Axis-REIT said the manager intends to fully distribute the net gain on disposal.

Source: The Star, viewed 27 February 2025