Axis Real Estate Investment Trust has raised RM449.73 million through a private placement exercise to support the group's strategy to pursue high-quality, yield-accretive acquisitions and enhance its existing portfolio to generate sustainable return and value for unitholders.

The issue price was fixed at RM1.71 per unit, which was determined at the end of a book building process. The price represents a 5.1% discount to the volume-weighted average market price of RM1.802 per unit.

In view of the upcoming enlarged unit capital from this placement, Axis-REIT has declared on 29 October 2024, an advance distribution of 1.10 sen per unit for income earned up to 12 November 2024. This distribution is set to be paid on 29 November 2024.

Axis-REIT Managers Berhad chief executive officer/executive director Leong Kit May said, "The success of this private placement exercise, which is the largest thus far, underscores the strong market confidence in Axis-REIT's growth initiatives. It also aligns with our commitment to strengthen the balance sheet by reducing financing ratio and create more headroom for future portfolio growth."

The placement was jointly managed by Maybank Investment Bank Berhad and CIMB Investment Bank Berhad, serving as placement agents for Axis-REIT.