TheEdge
KUALA LUMPUR: Axis Real Estate Investment Trust (Axis REIT) announced a revaluation surplus of RM30 million to be incorporated in its fund following the revaluation of its five properties in Petaling Jaya, Selangor.
In an announcement yesterday, it said the properties’ total net book value was RM334.2 million following the revaluation exercise in August compared with RM304.27 million as at June 30, 2007.
The five properties were the 14-storey Menara Axis, six-storey Crystal Plaza office building, five-storey Axis Plaza warehouse-cum-office building, four-story Infinite Centre industrial complex and Axis Business Park.
Revaluation of the properties had been in accordance with the Securities Commission’s REIT guidelines, stipulating a once-in-three years revaluation of property for SC approval before being incorporated into the fund, it added.
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