PETALING JAYA: Axis Real Estate Investment Trust (Axis REIT) has entered into an RM42mil agreement with Scomi Engineering Bhd for the acquisition and leaseback of a parcel of industrial land, together with an industrial complex.

RHB Trustees Bhd, as the trustee for Axis REIT, signed the agreement yesterday with Scomi for the acquisition of the complex and 2.81ha of freehold land.

In a filing with Bursa Malaysia, Axis REIT said that the leaseback agreement was for an initial fixed period of 15 years from the completion date, with an option to renew for another five years.

The property will be leased back to Scomi Engineering for RM281,647.08 per month for the first to the third years, after which it will increase up to RM412,359.49 per month between the 13th and 15th year.

Axis REIT said the proposed acquisition and leaseback was in line with its investment objectives and growth strategy to provide the unitholders with stable income distribution.

Scomi Engineering said the sale would result in a one-off gain of about RM2mil to the company, which will be utilised for working capital requirements.

“The sale of the properties enables Scomi Engineering to reprofile its payment obligations and meet the working capital requirements,” it said in a separate filing with the stock exchange.