MapletreeLog acquiring logistics centre in Korea for 25.5b won

IN A bid to ramp up its scale in higher-growth markets, Mapletree Logistics Trust (MLT) has entered into a sale-and-purchase agreement with Daehwa Logistics Co to acquire Daehwa Logistics Centre in South Korea for 25.5 billion won (S$31.2 million).

With this purchase, the logistics Reit will grow its presence in South Korea to nine properties. Meanwhile, its total portfolio will clock 112 properties with a book value of $4.27 billion.

Situated within 50km of Seoul, the logistics centre is a three-storey Grade A dry warehouse with a gross floor area spanning about 25,600 square metres. The property, which was completed in December last year, is located in one of the key logistics clusters in the Gyeonggi province, where the majority of the country's warehouses and distribution centres are situated.