Malaysia-based Axis Real Investment Trust has issued a RM155 million (USD47.33 million) sukuk, which will direct its profits to be used to refinance the company’s maturing debt.
In a statement by RAM Ratings Sdn Bhd, the latest issuance is the second time Axis has gone to the sukuk market and comes under an existing 300 million ringgit (USD 91.60 million) programme.
The company, which mostly manages industrial and warehouse properties, first tapped the sukuk markets in July 2012, raising 110 million ringgit through a 15-year issuance.
Axis currently manages assets worth RM 1.5 billion and is considering the acquisition of up to RM 400 million worth of assets.
Axis-REIT was listed on Bursa Malaysia on 3 August 2005.
Axis-REIT’s main activity is to invest primarily in commercial, office and office or industrial real estate.
In December 2008 it was successfully reclassified as a Shariah Compliant REIT.