Axis REIT inks RM20m sub-lease deal with MAHB

Pic By TMR File

Axis REIT Managers Bhd’s (ARMB) unit, Axis Real Estate Investment Trust (Axis REIT), has entered into a sub-lease agreement with Malaysia Airports Holdings Bhd (MAHB) to lease 2.84ha of vacant land in Subang for RM19.87 million.

In a statement yesterday, Axis REIT said the agreement is for a lease tenure of 49 years, expiring on Dec 30, 2066.

The project land is located within the proposed Malaysia International Aerospace Centre Technology Park, about 3km from the Sultan Abdul Aziz Shah Airport.

The land will be used for the development of a single-storey manufacturing plant cum office building with a gross built-up area of 178,978 sq ft.

“This manufacturing facility will serve the operations for Upeca Aerotech Sdn Bhd for the manufacturing, storage and distribution of aerospace parts,” it said. — Bernama