Axis REIT: Properties by State, Deals and People

Axis Real Estate Investment Trust (Axis-REIT; Bursa: AXREIT, 5106) owns warehouses, factories and offices and rents them to companies. It listed on Bursa Malaysia on 3 August 2005 with five buildings in Petaling Jaya and Shah Alam, and describes itself as Malaysia's first REIT. Since 11 December 2008 it has been an Islamic (Shariah-compliant) REIT.

As of October 2026 it owns 72 properties in six states: about 15.8 million sq ft of space on some 681 acres of land. Most are logistics warehouses and factories around Klang, Shah Alam and Johor; five are in Penang. It is still buying. Since January 2024 it has completed 12 purchases worth RM974 million and agreed four more worth RM289 million, most of them from owners who sell the building and rent it back.

Latest moves

Newest first. Bigger steps have their own news report; the rest link to the Bursa Malaysia filing.

• 30 Sep 2026 — Completes the RM38 million purchase of an industrial complex at Section 16, Shah Alam, from Rubicon Assets, a company owned by Chairman Stephen Tew. Filing
• 27 Aug 2026 — Completes the RM128 million City-Link Express distribution centre at Bandar Saujana Putra, leased back to City-Link for 15 years. Filing
• 26 Aug 2026 — Agrees to buy three warehouses at Pulau Indah from Megalift for RM61 million, with a five-year leaseback. Our report
• 30 Jul 2026 — Agrees to buy an industrial complex at Padang Meha, Kulim (Kedah), for RM113 million from WH Union Development, which will rent it back for six years. The same day Takim Khan Myhre, son of Dato' Abas Carl Gunnar, joins the board as an executive director. Filing
• 6 Jul 2026 — Executive Chairman Dato' Abas Carl Gunnar resigns for medical reasons; Deputy Chairman Stephen Tew becomes Chairman. Filing
• 25 Jun 2026 — Agrees to buy City-Link Express's distribution centre (completed 27 August). Filing
• 13 May 2026 — Agrees the RM38 million Shah Alam purchase from Rubicon Assets (completed 30 September). Filing
• 26 Mar 2026 — Drops the planned RM800 million purchase of 135.53 acres of Ann Joo Steel's freehold land at Prai, Penang, after due diligence. Our report
• Feb 2026 — Fire at Wisma Kemajuan, Petaling Jaya; the building is being rebuilt.
• 27 Jan 2026 — Completes the RM50 million purchase of Barry Callebaut's former factory and warehouse in Port Klang (9 acres), bought empty for refurbishment. Filing
• 5 Jan 2026 — Refinances with a RM240 million, seven-year sukuk at 3.95%.
• 31 Dec 2025 — Agrees to buy a RM34.6 million factory in Senai, Johor, to be built for its tenant FCI Connectors (due 4Q 2027). Filing
• 5 Dec 2025 — Takes over a 7.13-acre storage yard at Bukit Raja from Amsteel Mills (RM38.8 million) to build a factory on it. Filing
• 6 Nov 2025 — Ann Joo Steel accepts Axis's RM800 million conditional offer for its Prai land (dropped in March 2026). Filing
• 1 Aug 2025 — Agrees to buy an RM80 million warehouse at Telok Gong, Port Klang, leased to Tuck Sun Logistics (due 4Q 2026). Filing
• 30 Apr 2025 — Sells The Annex in Petaling Jaya to its tenant for RM24.2 million (bought for RM12.0 million in 2012). Filing
• 12 Dec 2024 — Sells Axis Steel Centre @ SiLC in Nusajaya, Johor, to a data-centre operator for RM162 million. Filing
• Nov 2024 — Raises about RM450 million by placing 263 million new units at RM1.71, and completes the second Pulau Indah warehouse (RM48.6 million). Filing
• 8 and 11 Oct 2024 — Completes Amsteel Mills' Bukit Raja steel-bar plant (RM313 million, leased back to Amsteel) and the first Pulau Indah warehouse (RM110.1 million). Filing
• Jan to Jul 2024 — Buys the Temerloh hypermarket (RM25.75 million), Amsteel's first Bukit Raja factory (RM49 million), two Cycle & Carriage properties in Petaling Jaya and Batu Caves (RM125 million) and a Sendayan factory let to Sandvik (RM48 million).

Older milestones are in the timeline above, and every property's purchase date is in the tables below.

Properties by state

All 72 properties, grouped by state and largest state first. "Price paid" is what Axis paid on the date shown. "Value" is the latest independent valuation, at 31 December 2025; properties bought in 2026 are shown at their price. Click a property's name to open Axis-REIT's own page for it.

Selangor · 37 properties

Johor · 23 properties

Penang · 5 properties

Negeri Sembilan · 4 properties

Pahang · 2 properties

Kedah · 1 property

Sources: each property's page on axis-reit.com.my (read 3 Oct 2026) and Axis-REIT's 2025 annual report. Occupancy and tenants are as shown on Axis's pages in October 2026. Land is converted to acres at 43,560 sq ft an acre.

Properties sold

Bursa filings since 2011 show six sales. Axis says it sells when a building has reached its best price or no longer fits the portfolio.

One of these is worth knowing in full. Axis put Kayangan Depot in Shah Alam up for public tender in 2012, against a valuation of RM22.0 million. The winning bid, RM23.6 million, came from Exceptional Landmark Sdn Bhd, a company owned equally by its two founders, Dato' Abas Carl Gunnar and Stephen Tew. In 2014 Axis bought the same building back from Exceptional Landmark for RM52.5 million (valuation RM53.0 million) and renamed it Axis MRO Hub; it is now Axis Industrial Facility 1 @ Shah Alam. On floor area that is about RM149 per sq ft in 2012 and RM327 per sq ft in 2014. Both trades were filed as related-party transactions, and in 2014 the two founders stayed out of the board and unitholder votes.

Deals in progress

Agreed but not yet completed, as of 3 October 2026. Together they add RM288.6 million.

What Axis REIT pays: price per sq ft and yield

Purchases since late 2023 where the filing gives the price and the rent. "Starting yield" is the first year's rent divided by the price, before costs. Price per sq ft is on the floor area Axis can let.

Most of these are sale-and-leasebacks: the owner sells the building to Axis and stays on as the tenant, usually for five to fifteen years. Across these deals the starting yield sits in a narrow band of about 6.2% to 7.2%. The 20-year Temerloh hypermarket lease (8.4%) is the exception. Price per sq ft varies far more, from about RM250 for older factories to about RM550 for newer, smaller buildings, because Axis prices a building on its rent, not on its floor area.

Results, 2024 and 2025

2025 was a record year. Revenue rose 13.3% and net property income 14.3%, mainly from the properties bought in 2024, and the payout per unit rose from 9.27 sen to 10.55 sen. Axis paid out 99.8% of its distributable income.

In the first half of 2026 net property income was RM152.2 million, 2% lower than a year earlier, and the payout was 4.80 sen a unit (2.50 sen and 2.30 sen). At 30 June 2026 occupancy was 93% and gearing 33%. On 2 October 2026 the units closed at RM1.83, valuing Axis-REIT at about RM3.71 billion, 8% above its net asset value of RM1.69 a unit.

Who runs Axis REIT

The founders

Dato' Abas Carl Gunnar (Carl Gunnar Myhre), a Norwegian who ran Jotun Powder Coatings in Malaysia from 1985 to 1993, and Stephen Tew Peng Hwee, an estate agent who founded the agency Hectares & Stratas in 1992, began developing Crystal Plaza in Petaling Jaya in 1992 with other investors. They went on to build Axis Business Park, Axis Plaza and Menara Axis, which formed the core of the REIT when it listed in 2005.

Dato' George Stewart LaBrooy led the listing as executive director of the manager and became its chief executive about three years later. When he retired at the end of 2015, the REIT had 34 properties and more than RM2.14 billion of assets.

Board and management (October 2026)

• Chairman: Stephen Tew Peng Hwee, non-executive, since 6 July 2026. On the board since 2004; Deputy Chairman from 2023.
• Chief executive: Leong Kit May, since 1 January 2016. She joined the manager in 2006, became chief financial officer in 2008, led that year's conversion to an Islamic REIT, and chairs the Malaysian REIT Managers Association.
• Executive director: Takim Khan Myhre, since 30 July 2026.
• Non-executive director: Alvin Dim Lao, who represents major shareholder Alex Lee Lao (his uncle).
• Independent directors: Lim Keng Hwee (senior independent director) and Devika Sothinathan.
• Senior managers: Nikki Ng (chief financial officer), Jackie Law (head of real estate), Tan Kee Hong (head of investments) and Rebecca Leong (company secretary and head of compliance).

Past leaders

• Chairmen: Tunku Dato' Seri Shahabuddin bin Tunku Besar Burhanuddin, an independent director, stood down on 30 May 2023 under the 12-year limit for independent directors. Dato' Abas Carl Gunnar then served as Executive Chairman until 6 July 2026.
• Chief executives: Dato' George Stewart LaBrooy until 31 December 2015, then Leong Kit May.

Who owns it

• The manager, Axis REIT Managers Berhad, is wholly owned by Axis Capital Ventures Sdn Bhd. Filings have named Stephen Tew, Dato' Abas Carl Gunnar and Alex Lee Lao among its ultimate major shareholders.
• The units: at 31 December 2025 the largest holders were the Employees Provident Fund (19.4%), KWAP (8.1%, including holdings through its fund managers) and Lembaga Tabung Haji (6.5%). Alex Lee Lao held 60.1 million units and Stephen Tew 56.6 million. There were 12,438 unitholders.

Related-party deals

• Oct 2012: Wisma Academy Parcel (RM73.0 million) and The Annex (RM12.0 million), both in Petaling Jaya, bought from Academy Resources Sdn Bhd. The filing treats these as related-party deals.
• Dec 2012: Kayangan Depot sold to the founders' Exceptional Landmark for RM23.6 million.
• Dec 2014 to Mar 2015: Axis Shah Alam Distribution Centre 3 (RM183 million), Axis MRO Hub (RM52.5 million) and Axis Shah Alam Distribution Centre 2 (RM45 million), RM280.5 million in all, bought from companies in which Stephen Tew (and, for the MRO Hub, Dato' Abas Carl Gunnar) were directors and substantial shareholders.
• Sep 2026: the RM38 million Shah Alam factory bought from Stephen Tew's Rubicon Assets, which had bought it for RM15.8 million in 2014. One tenant, Seng Hup Lightings & Decor, is owned by Stephen Tew and his daughter.

Each price was set against an independent valuation. In 2014 the directors involved also stayed out of the board and unitholder votes.

How it is set up

• Manager: Axis REIT Managers Berhad, Petaling Jaya. Trustee: RHB Trustees Berhad. Shariah adviser: BIMB Securities. Property manager: Axis Property Services. Auditor: KPMG PLT.
• Payouts: at least 95% of distributable income for each of the first three quarters and 99% for the fourth, paid every quarter.
• Borrowing: the Securities Commission allows up to 50% of total assets; Axis keeps it between 30% and 40%.
• Units: 2,024,894,950 in issue. The retail price at listing was RM1.25 a unit, the same as RM0.625 after the two-for-one split completed on 9 September 2015.
• Goal: RM10 billion of assets by 2030, the manager's target.

Frequently Asked Questions

How many properties does Axis REIT own?

72 as of October 2026, with about 15.8 million sq ft of space. Axis reported 70 at 30 June 2026; the City-Link distribution centre at Saujana Putra and a factory at Section 16, Shah Alam were added in August and September 2026. Four more purchases worth RM288.6 million are due to complete by the end of 2027.

Which states are Axis REIT's properties in?

Selangor (37), Johor (23), Penang (5), Negeri Sembilan (4), Pahang (2) and Kedah (1). Selangor holds about two-thirds of the value and Johor about a fifth. The Padang Meha deal will add a second property in Kedah.

Which Axis REIT properties are in Penang?

Five: Bayan Lepas Distribution Centre (let to DHL), Seberang Prai Logistics Warehouses 1 and 2 at Prai, Seberang Prai Logistics Warehouse 3 at Bukit Tengah (let to DSV), and the FedEx facility at Batu Kawan. Together they were valued at RM216.4 million.

Who is the CEO of Axis REIT?

Leong Kit May has been chief executive of the manager, Axis REIT Managers Berhad, since 1 January 2016. The chairman since 6 July 2026 is Stephen Tew Peng Hwee.

Who founded Axis REIT?

Dato' Abas Carl Gunnar and Stephen Tew Peng Hwee, who from 1992 developed the Petaling Jaya and Shah Alam buildings it listed with. Dato' George Stewart LaBrooy led the 2005 listing and was chief executive until 2015.

When was Axis REIT listed?

On 3 August 2005, on Bursa Malaysia's Main Market (AXREIT, 5106). The retail price at listing was RM1.25 a unit, equal to RM0.625 after the 2015 unit split. The units closed at RM1.83 on 2 October 2026.

Is Axis REIT Shariah-compliant?

Yes. It was reclassified as an Islamic REIT on 11 December 2008, its Shariah adviser is BIMB Securities, and its borrowings are Islamic financing and sukuk.

How much does Axis REIT pay out to unitholders?

10.55 sen a unit for 2025, its highest yet: 5.5% on the year-end price of RM1.92. It paid 4.80 sen for the first half of 2026. Payouts are made every quarter.

What is Axis REIT's biggest property?

By value, Axis Mega Distribution Centre at Telok Panglima Garang (RM455 million at December 2025), let to Nestlé, Mixue and Tiong Nam. By floor area, DW1 Logistics Warehouse at the Port of Tanjung Pelepas (1.15 million sq ft). By land, the Wasco facility at Gebeng, Kuantan (about 126.5 acres).

Does Axis REIT buy factories from owners?

Yes. Most of its recent purchases are sale-and-leasebacks, where the owner sells the building and stays on as tenant. Since late 2023 most have been priced at starting yields of about 6.2% to 7.2%; the 20-year Temerloh hypermarket lease was 8.4%.

Our news on Axis REIT

• 15 Sep 2026Ann Joo exits steelmaking: Green Esteel takes the Prai mill and its 200-acre freehold Bandar Prai title for RM290mil — less than Axis REIT offered for two-thirds of the land
• 26 Aug 2026Axis-REIT buys three Pulau Indah warehouses for RM61mil at a 6.2% yield, leases them straight back

Every story is also on the company news page.

Update log

• 3 Oct 2026 — Page created from Axis-REIT's property pages (read 3 October 2026), its 2025 annual report, its 2Q 2026 results and Bursa Malaysia filings up to 30 September 2026.