Axis Reit Sues Ex Tenant For Rm105mil Over Future Rental Payments

Axis REIT said it terminated the lease agreement with Yongnam Engineering Sdn Bhd on May 8, 2023, after it defaulted on rental payments. (Bernama pic)PETALING JAYA: Axis Real Estate Investment Trust (Axis REIT) has filed a lawsuit against its former tenant at the Axis Steel Centre in Nusajaya, Johor over unexpired rental payments totalling to RM105.4 million.
The suit was filed by its trustee, RHB Trustees Bhd, at the Johor Bahru High Court yesterday against Yongnam Engineering Sdn Bhd (YESB).
Axis REIT said in a Bursa Malaysia filing that the lease agreement signed with YESB was terminated on May 8 after it defaulted on rental payments. The lease agreement was signed in November 2014.
RHB Trustees took the civil action against YESB and its corporate guarantor, Yongnam Holdings Ltd, over the RM8.46 million unpaid rental and other charges owed as of Dec 21, 2022.
Axis REIT also commenced a distress action against the construction company for failing to settle its rental for the months of January and February amounting to RM2.35 million, leading to seizure and sale of its property worth RM1.2 million on July 24.
The RM1.2 million would offset a portion of YESB’s outstanding sums due and owing to the trustee under the lease agreement.
“Further to the termination notice and the completed distress action, the trustee intends to recover the outstanding rental payments from YESB including rentals for the unexpired period of the lease agreement of RM105.4 million,” it said.
It also said its manager, Axis REIT Manager Bhd, is currently unable to estimate the financial and operational impact of the litigation on Axis REIT as it is subject to the resolution of the action.
For the second quarter ended June 30 (Q2 FY2023), Axis-REIT’s total trust income fell 6% year-on-year (y-o-y) to RM68.5 million while net trust income declined by 26% y-o-y to RM34.7 million.
Ads by KioskedAt market close today, Axis REIT’s units were down 1 sen or 0.55% at RM1.81, giving it a market capitalisation of RM3.15 billion. - FMT

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