Mapletree Logistics Trust axes planned A$21m purchase of Brisbane warehouse

MAPLETREE Logistics Trust will no longer proceed with a planned A$21.25 million purchase of a logistics warehouse in Brisbane, its manager announced in a bourse filing on Tuesday night.

The deal is not proceeding because certain factors in the conditional agreement, previously announced in June, were not fulfilled by the long-stop date of Nov 30.

The termination will not have any material adverse impact on MLT's distribution per unit for the financial year ending March 2021, the manager said.

In a separate filing the same night, MLT announced that it has completed its recently announced acquisitions in China and Vietnam. It used S$575.8 million out of its S$644.1 million equity fund-raising, launched in October, to partly fund the acquisitions in both countries.

Back in October, MLT had proposed to acquire the remaining 50 per cent interest in 15 properties and the full interest in seven properties in China for about RMB4.5 billion, and also a Vietnam property for about US$22.2 million and a Malaysian property for RM402.5 million.

MLT plans to use the another S$50.9 million from its equity fund-raise to partly fund the Malaysian acquisition.

Its units closed at S$1.95 on Tuesday, down 1.02 per cent.