Axis REIT completes RM38m industrial property acquisition in Shah Alam
Axis Real Estate Investment Trust has completed the RM38 million acquisition of a 99-year leasehold industrial complex in Seksyen 16, Shah Alam. The property, fully occupied by three tenants, was bought from Rubicon Assets Sdn Bhd and funded through existing bank financing.
PETALING JAYA (Oct 1): Axis Real Estate Investment Trust (Axis REIT) has completed its RM38 million acquisition of an industrial property in Seksyen 16, Shah Alam, Selangor, from Rubicon Assets Sdn Bhd.
In a Bursa Malaysia filing on Wednesday (Sept 30), Axis REIT Managers Bhd said RHB Trustees Bhd, acting on behalf of the fund, completed the acquisition in accordance with the sale and purchase agreement dated May 13, 2026.
The corner industrial complex at No. 2, Jalan Halba 16/16 comprises a single-storey detached factory integrated with a double-storey office block and a four-storey factory and storage block, together with ancillary buildings. It occupies 12,261 sq m, or about 3.03 acres, of land held under Lot PT 719, Seksyen 16, title HSD 98505, Bandar Shah Alam, in the Petaling district. The 99-year leasehold expires on July 20, 2094.
The property has a gross floor area of approximately 125,821 sq ft and a net lettable area of 120,177 sq ft. According to the May acquisition announcement, the property was fully occupied at that time by OCK Telco Infra Sdn Bhd, Tamura Electronics (M) Sdn Bhd and Seng Hup Lightings & Decor Sdn Bhd, with aggregate monthly rental of RM210,476.75.
The RM38 million purchase price matched the market value assessed by independent valuer First Pacific Valuers Property Consultants Sdn Bhd in its valuation report dated March 27, 2026. The manager said in May that the acquisition would be funded through Axis REIT’s existing bank financing.
The May announcement identified the acquisition as a related-party transaction because Stephen Tew, the manager’s non-independent non-executive deputy chairman, is a director and major shareholder of Rubicon Assets. Maxine Teoh Sui Vern, identified in the filing as Tew’s alternate director, is also a director and shareholder of the vendor. The filing also disclosed that Tew and Teoh each held a 50% stake in Seng Hup Lightings & Decor.
The manager said both interested directors had abstained, and would continue to abstain, from board deliberations and voting on the acquisition. The May announcement also stated that the deal did not require unitholders’ approval. In the same announcement, the manager said its audit committee had viewed the transaction as being in the fund’s best interests, fair, reasonable, on normal commercial terms and not detrimental to minority unitholders.
