MAPLETREE Logistics Trust on Friday said its manager has acquired a property at 190A Pandan Loop for S$34 million. The acquisition is projected to provide a stabilised net property income yield of 6.5 per cent.
Its manager said it would also sell its property at 134 Joo Seng Road for S$13.5 million, with the divestment expected to be completed in the first quarter of next year.
Mr Ng Kiat, the CEO of Mapletree Logistics Trust Management, said: "With a limited supply of properties in the JTC Food Zones, 190A Pandan Loop is an attractive property given its good specifications, prime location and relatively long remaining land lease tenure of 40 years."
He added that under the company's capital-recycling strategy, it was divesting the Joo Seng Road property, an older, relatively lower-yielding one which had already maximised its allowable plot ratio and thus had limited scope for future enhancement.