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| General Announcement |
| Reference No CCS-100719-31E11 |
| Submitting Secretarial Firm |
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ARCHER CORPORATE SERVICES SDN BHD |
| Company Name |
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AXIS REAL ESTATE INVESTMENT TRUST |
| Stock Name |
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AXREIT |
| Stock Code |
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5106 |
| Contact Person |
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YEOH CHONG KEAT |
| Designation |
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COMPANY SECRETARY |
| Type |
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Announcement |
| Subject |
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| 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") |
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| Contents |
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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 the five (5) properties ("Properties") of Axis-REIT 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(46) of the Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities"), the total revaluation surplus shall be incorporated into the accounts of Axis-REIT as at 30 June 2010.
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 are set out in the tabulation below.
4. EFFECTS ON THE NET ASSET VALUE
The net asset value of Axis-REIT will increase from RM1.8135 per unit (last reported to Bursa Securities on 30 June 2010) to RM1.8430 per unit upon incorporation of the revaluation surplus of RM9,074,000.
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 19 July 2010. |
Announcement Details :
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Name of Properties |
Date of last Valuation
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Valuation date
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Net Book Value as at 30 June 2010 (RM'000)
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Proposed Revaluation Amount (RM'000)
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Surplus to be incorporated into Axis-REIT (RM'000)
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| 1 |
Axis Shah Alam DC 1 **** |
19.03.07
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18.03.10
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18,936
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19,000
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64
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| 2 |
BMW Centre PTP *** |
07.06.07
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07.06.10
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27,150
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28,500
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1,350
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| 3 |
Giant Hypermarket **** |
06.06.07
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04.06.10
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39,000
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39,000
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-
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| 4 |
Nestle Office & Warehouse *
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29.05.07
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29.05.10
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7,600
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8,200
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600
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| 5 |
Quattro West (formerly known as Nestle House) ** |
28.05.07
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27.05.10
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44,940
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52,000
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7,060
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| TOTAL |
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137,626
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146,700
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9,074
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Notes:
* The Property was valued by C H Williams Talhar & Wong Sdn Bhd, an independent firm of professional valuers, registered with the Board of Valuers, Appraisers & Estate Agents Malaysia.
** The Property was valued by PA International Property Consultants (KL) Sdn Bhd, an independent firm of professional valuers, registered with the Board of Valuers, Appraisers & Estate Agents Malaysia.
*** The Properties were valued by CB Richard Ellies (Malaysia) Sdn Bhd, an independent firm of professional valuers, registered with the Board of Valuers, Appraisers & Estate Agents Malaysia.
**** The Properties were valued by Cheston International (KL) Sdn Bhd, an independent firm of professional valuers, registered with the Board of Valuers, Appraisers & Estate Agents Malaysia.
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2010, Bursa Malaysia Berhad. All Rights Reserved.
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