Mapletree Logistics Trust to divest Selangor industrial building for RM60 million
Yong Jun Yuan
MAPLETREE Logistics Trust (MLT) will divest Century, a 17-year-old industrial building in Selangor, Malaysia, for RM60 million (S$17.7 million).
In a bourse filing on Monday (Aug 7), the real estate investment trust’s (Reit) manager said that the Reit’s trustee has entered into a sale and purchase agreement with an unrelated third party.
The sale price is 15.4 per cent higher than its latest valuation of RM52 million as at Mar 31, 2023. The manager said that it has chosen to waive the 0.5 per cent one-off disposal fee that it is entitled to from the sale.
The building comprises two blocks of single-storey warehouses with a gross floor area of 27,878 square metres.
“The proposed divestment is in line with the manager’s strategy to rejuvenate the portfolio through selective divestments of non-core assets, providing MLT with greater financial flexibility to pursue higher yielding investment opportunities,” the manager said.
It added that the proposed divestment is expected to be completed by FY2023/2024, and that it is not expected to have a material impact on MLT’s net asset value and net property income.
Units of MLT rose 0.6 per cent, or S$0.01 to close at S$1.64 on Monday before the announcement was made.
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