Mapletree Logistics Trust to divest Japan property for S$95.5 million

MAPLETREE Logistics Trust (MLT) has entered an agreement to divest Moriya Centre in Japan for 10,030 million yen (S$95.5 million) to a third-party buyer.

The sale price is 12.2 per cent higher than the property’s latest valuation of 8,940 million yen as at end-March, MLT’s manager said in a Friday (Sep 1) bourse filing. The buyer, whose identity was not disclosed, is not an interested party under regulatory requirements.

The property is located in the city of Moriya in Ibaraki Prefecture. It comprises three blocks of four-storey industrial buildings and ancillary offices, with an average age of 17 years and total net lettable area of 41,713 square metres.

The deal is expected to be completed by Q3 FY23/24, with no material impact on MLT’s net asset value and net property income for the year. Following the divestment, MLT’s portfolio will consist of 188 properties.

“The proposed divestment is in line with the manager’s continued efforts to rejuvenate its portfolio through selective divestments of non-core assets, providing MLT with greater financial flexibility to pursue investment opportunities that enhance the quality and resilience of its portfolio,” the trust’s manager said in the filing.

Units of MLT closed flat at S$1.68 on Thursday ahead of the public holiday.