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

Axis REIT’s proposed acquisition of two freehold properties in the state of Johor has largely failed to excite the market, even as Maybank called the purchase a “mildly positive” move.

Axis REIT announced on 7 June that it will be acquiring the two assets in the province of Kulai for a total lump sum cash consideration MYR38.7 million (USD9.7 million).

Both properties are located in the Kulai industrial area, and collective feature net lettable area of approximately 165,000 square feet.

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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.