Axis REIT's Axis Business Campus in the Petaling Jaya industrial precinct . (Photo: Axis REIT)

Axis REIT has secured the lease for approximately 7.02 acres of vacant land in Subang, Malaysia to develop, and subsequently rent out a high-tech aerospace facility.

Full consideration for the proposed lease, which has been arranged by Axis REIT's trustee with Malaysia Airport Holdings Berhad (MAHB), was paid on 7 February, the REIT announced on the same day.

The land parcel is located within the proposed Malaysia International Aerospace Centre (MIAC) Technology Park, and is approximately three kilometres from the Sultan Abdul Aziz Shah Airport, said Axis REIT.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.