Christopher & Lee Ong, a member firm of Rajah & Tann Asia, acted as the transaction counsel for the establishment of RM3.0 billion Sukuk Wakalah Programme for issuances of senior Sukuk and subordinated perpetual Sukuk by Axis REIT Sukuk Two Berhad, a funding conduit set up by Axis Real Estate Investment Trust (Axis-REIT).
The Sukuk Wakalah Programme also provides for the flexibility to issue sustainability Sukuk and/or sustainability-linked Sukuk. Proceeds from the issuance of the Sukuk Wakalah Programme will be utilised to, amongst others, refinance Axis-REIT’s Islamic financings and fund capital expenditure, asset enhancement initiatives and future acquisitions as well as working capital. Axis-REIT has a diverse portfolio of 68 properties – spread across the office, industrial and hypermarket segments in various major states in Malaysia.
The CLO team was led by Partner Jennifer Lee, with support from Senior Associate Aaron Tan, and Associate Carine Tan E-Xuan.
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