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” or “Manager”), 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 (“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 June 2009. 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. 3. Revaluation Surplus/Deficit The details of the revaluation surplus/deficit are set out in the tabulation below. 4. Effects on the Net Asset Value The net asset value of Axis-REIT will increase from RM1.7539 per unit (last reported to Bursa Securities on 30 June 2009) to RM 1.7615 per unit upon incorporation of the revalution surplus of RM1,956,728.95. 5. Documents Available For Inspection The valuation reports in relation to the Revaluation are available for inspection at the: 5.1 registered office of the Manager at Suite 11.1A, Level 11, Menara Weld, 76, Jalan Raja Chulan, 50200 Kuala Lumpur; and 5.2 Manager’s office at Suite 6.04 Penthouse, Wisma Academy, 4A Jalan 19/1, 46300 Petaling Jaya, Selangor during normal office hours from Monday to Friday (except public holidays) for a period of 3 months from the date of this announcement. This announcement is dated 20 July 2009. |
 | Name of Properties | Date of last valuation | Valuation date | Net Book Value as at 30 June 2009 (RM’000) | Proposed Revaluation Amount (RM’000) | Surplus / (deficit) to be incorporated into Axis-REIT (RM’000) |
| 1 | Wisma Bintang * | 08.05.06 | 06.05.09 | 38,000 | 38,750 | 750 |
| 2 | Axis North Port Logistic Centre 1** | 02.03.06 | 02.03.09 | 13,793 | 15,000 | 1,207 |
Total | 51,793 | 53,750 | 1,957 | |||
Notes:
* The Property was valued by Messrs First Pacific Valuers Property Consultants Sdn Bhd, an independent firm of professional valuer, registered with the Board of Valuers, Appraisers & Estate Agents Malaysia.
** The Property was 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 | 20 Jul 2009 |
| Category | General Announcement |
| Reference No | CCS-090720-33D64 |
