Axis-REIT CEO and executive director Leong Kit May
KUALA LUMPUR: Axis Real Estate Investment Trust (REIT) has raised RM449.73mil from a private placement exercise to support its acquisition plans and enhance its existing portfolio.
The REIT said the issue price was fixed at RM1.71 per unit, representing a 5.1% discount to the volume-weighted average market price of RM1.802 per unit.
The success of this private placement exercise, which is the largest thus far, underscores the strong market confidence in Axis-REIT’s growth initiatives.
"It also aligns with our commitment to strengthen the balance sheet by reducing financing ratio and create more headroom for future portfolio growth,” said CEO and executive director Leong Kit May in a statement.
In view of the upcoming enlarged unit capital from this placement, Axis-REIT has declared an advance distribution of 1.1 sen per unit for income earned up to Nov 12, 2024, payable on Nov 29, 2024.
The placement was jointly managed by Maybank Investment Bank Bhd and CIMB Investment Bank Bhd, serving as placement agents for Axis-REIT.
