Mapletree Logistics Trust completes purchase of 5 properties in South Korea

MAPLETREE Logistics Trust (MLT) has completed the acquisition of five freehold logistics properties in South Korea for 280 billion won (S$334.8 million).

Mapletree Logistics Trust Management, the manager of the Singapore-based property trust, said this in a statement to the Singapore Exchange on Thursday, by way of an update on the purchase announced in February.

It was stated earlier that the properties with a total gross floor area of nearly 150,000 square metres would meet the needs of third-party logistics firms and e-commerce tenants, and will generate an initial net property income yield of about 4.5 per cent.

MLT units rose 1.06 per cent to S$1.91 at Thursday close, before the filing was made.