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THE trustee of Mapletree Logistics Trust, HSBC Institutional Trust Services (Singapore) Limited, has entered into an option to divest the trust's property at 20 Old Toh Tuck Road for S$14.25 million.
The warehouse with a gross floor area of about 7,531 square metres has been vacant since March last year after a master lease expired. The property was acquired in 2006 for S$11.6 million, and valued at S$13 million as at March 31 last year.
Given its relatively small land area, there is limited potential for the redevelopment of the 18-year-old warehouse into a modern, ramp-up logistics facility, said the trust manager Mapletree Logistics Trust Management.
The sale proceeds will be used to fund committed investments, reduce existing debt, and make distributions to unitholders, it added.
The manager will receive 0.5 per cent of the sale consideration. The proposed divestment is expected to be completed by March this year.