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MAPLETREE Logistics Trust is selling two warehouses in Japan for 13.5 billion yen (S$165.4 million) to net a divestment gain of about 234 million yen from their purchase cost.
The warehouses are being sold to Godo Kaisha Asset Toshi Jigyo 4 Go.
The 10-year-old Zama Centre in Kanagawa prefecture has 41,170 square metres of gross floor area, while the 43-year-old Shiroishi Centre in Hokkaido has 11,181 sq m of gross floor space.
The sale consideration represents a 10 per cent premium to the original purchase price of 12.3 billion yen for both properties, and 32 per cent over the latest combined valuation of 10.2 billion yen. The divestment gain, after taxes and costs, will be distributed to unitholders.
Assuming the divestment was completed on April 1, 2016, the pro forma impact of the divestment would have been a S$7.1 million reduction in net property income for the year ended March 31, 2017, while distribution per unit for the year would have been 0.04 cents lower.
Completion is targeted for the third quarter of 2017. After the sale, Mapletree Logistic's portfolio will comprise 125 properties, including 20 in Japan, with a total value of S$5.4 billion and a gross floor area of 3.6 million sq m.