Malaysia-listed industrial and office real estate investment trust Axis REIT has completed the acquisition of an industrial facility in Nusajaya, located in Johor Bahru, Malaysia for MYR153.5 million (SGD58 million).

An announcement on the property’s induction was filed with the Bursa Malaysia on 30 December and described the acquisition as “an industrial facility built on a freehold land”. The property is said to be measuring approximately 10.9 hectares.

For the purchase, Axis REIT has entered into a buy and leaseback arrangement with property vendor Yongnam Engineering Sdn Bhd and paid for the acquisition in one lump sum. Yongnam will rent the property starting at MYR969,000 per month with rental escalations built in every three years, paying about MYR1.419 million per month from the 13th year onwards.

Axis REIT has indicated that it will pay for the acquisition by drawing on its credit facilities.

News of the acquisition came on the back of revelation by Axis REIT in August 2014 that it would be acquiring five properties across Malaysia for MYR472 million and take its portfolio across the MYR2 billion mark.

Units of Axis REIT last changed hands on the Bursa Malaysia at MYR3.62.