The Board of Directors of Axis REIT Managers Berhad, the management company of Axis-REIT, announced that RHB Trustees Berhad (RHB or Trustee), the trustee for Axis-REIT, has entered into two sale and purchase agreements in relation to the proposed acquisition of the following Properties, for and on behalf of Axis-REIT, from Amsteel Mills Sdn. Bhd. (AMSB or Vendor): an industrial complex bearing the postal address Lot 6, Solok Waja 2, Kawasan Perusahaan Bukit Raja, 41050 Klang, Selangor (Property 1) (SPA 1) for the purpose of leasing the same to AMSB (Proposed Lease for Property 1); and an open storage yard bearing the postal address PT59358, Jalan Waja, Kawasan Perusahaan Bukit Raja, 41300 Klang, Selangor (Property 2) (SPA 2) for the purpose of renting it out to new tenant(s).

Proposed Acquisition of the Properties: RHB, for and on behalf of Axis-REIT, proposes to acquire the Properties for a total lump sum cash consideration of MYR 351.8 million from AMSB. The Properties are to be acquired free from encumbrances but subject to the terms and conditions stipulated in the SPAs entered into between RHB and AMSB on 22 April 2024 respectively. RHB, as the Trustee for Axis-REIT, has approved the Proposed Acquisition of the Properties, vide its letter dated 9 February 2024 in accordance with the provisions of the Fourth Principal Deed dated 17 January 2020 entered into between RHB and ARMB constituting Axis-REIT.

Information of the Properties: Property 1 fronts onto Solok Waja 2 and Property 2 fronts onto Jalan Waja, both located within Kawasan Perindustrian Bukit Raja. Kawasan Perindustrian Bukit Raja is an established industrial area located within the general vicinity of Bukit Raja Prime Industrial Park, Kawasan Perindustrian Sungai Rasau and Seksyen 16, Shah Alam. Property 1 is adjoining to Axis Facility 2 @ Bukit Raja, an existing property owned by Axis-REIT whilst Property 2 is located across Axis Facility 2 @ Bukit Raja.

Purchase Price MYR 313,000,000 for Property 1 and MYR 38,800,000 for Property 2.