Revaluation of Properties pursuant to Clause 10.03 of the Guidelines on Real Estate Investment Trusts issued by the Securities Commission (“SC’s REIT Guidelines”)
| AXIS REAL ESTATE INVESTMENT TRUST |
| Type | Announcement |
| Subject | Revaluation of Properties pursuant to Clause 10.03 of the Guidelines on Real Estate Investment Trusts issued by the Securities Commission (“SC’s REIT Guidelines”) |
| Contents | 1. Introduction The Board of Directors of Axis REIT Managers Berhad (“the Board”), the manager of Axis Real Estate Investment Trust (“Axis-REIT”) wishes to announce that OSK Trustees Berhad, the trustee of Axis-REIT, has carried out the revaluation for its two (2) properties, Wisma Kemajuan and Kayangan Depot (“Properties”) pursuant to Clause 10.03 of the SC’s REIT Guidelines (“Revaluation”). The Board is pleased to announce that, in accordance with Paragraph 9.19 (44) of the Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”), the total revalued amount of the Properties shall be incorporated into the accounts of Axis-REIT as at 30 November 2008. 2. Purpose of Revaluation The Revaluation was to comply with Clause 10.03 of the SC’s REIT Guidelines where the Properties were required to be revalued once in every three (3) years. The approval from the SC on the said Revaluation is not required pursuant to the revised SC’s REIT Guidelines issued on 21 August 2008. 3. Revaluation Surplus/Deficit The details of the revaluation surplus/deficit are appended in the table section below. 4. Effects on the Net Asset Value The net asset value of Axis-REIT will increase from RM 1.654 per unit (last reported to Bursa Securites on 30 September 2008) to RM 1.678 per unit. 5. Documents Available For Inspection The valuation reports in relation to the Revaluation are available for inspection at the registered office of Axis REIT Managers Berhad at Suite 11.1A, Level 11, Menara Weld, 76 Jalan Raja Chulan 50200 Kuala Lumpur during normal office hours from Monday to Friday (except public holidays) for a period of three (3) months from the date of this announcement. This announcement is dated 28 November 2008. |
Details of the revaluation surplus/deficit:
Notes:
* The Properties were valued by Messrs PA International Property Consultants (KL) Sdn Bhd, an independent firm of professional valuer, registered with the Board of Valuers, Appraisers & Estate Agents Malaysia.
 | Name of Properties | Date of last valuation | Valuation date | Net Book Value as at 30 Sept 2008 (RM’000) | Proposed Revaluation Amount * (RM’000) | Surplus / (deficit) to be incorporated into Axis-REIT (RM’000) |
| 1 | Wisma Kemajuan | 14.11.05 | 29.10.08 | 46,502 | 52,500 | 5,998 |
| 2 | Kayangan Depot | 15.11.05 | 29.10.08 | 21,824 | 22,000 | 176 |
Total | 68,326 | 74,500 | 6,174 | |||
Notes:
* The Properties were valued by Messrs PA International Property Consultants (KL) Sdn Bhd, an independent firm of professional valuer, registered with the Board of Valuers, Appraisers & Estate Agents Malaysia.
Announcement Info
| Company Name | AXIS REAL ESTATE INVESTMENT TRUST |
| Stock Name | AXREIT |
| Date Announced | 28 Nov 2008 |
| Category | General Announcement |
| Reference No | CCS-081128-48E35 |
