RHB Trustees Berhad, as the trustee for Axis-REIT, has on 20 January 2022 entered into a 15-year lease agreement with Shopee Express Malaysia Sdn Bhd. The Lessee agreed to lease the entire BRDC 2 upon completion of the Proposed Development in accordance with the terms and conditions as stipulated in the Lease Agreement. The Proposed Development entails the construction of one single storey warehouse and ancillary buildings, enhancement of an existing 3 storey office block with a total gross built-up area of approximately 620,096 square feet.

The Proposed Development is expected to commence in the first quarter of 2022 and to be completed for handover to the Lessee no later than 31 August 2023. The estimated development cost (excluding land) of the Proposed Development approximates RMB 130.0 million representing 3.86% of Axis-REIT's total asset value of RMB 3.36 billion based on its latest audited financial statements for the year ended 31 December 2020 and is below the 15% threshold imposed under the Guidelines on Listed Real Estate Investment Trusts issued by the Securities Commission Malaysia.