Mapletree Logistics Trust divests 3 properties in Singapore, Malaysia
Yong Jun Yuan
MAPLETREE Logistics Trust (MLT) will divest three properties as part of its efforts to rejuvenate its portfolio through selective divestures.
“Capital released from the divestments will provide MLT with greater financial flexibility to pursue investment opportunities in high specification, modern logistics facilities with higher growth potential,” its manager announced on Friday (Nov 11).
MLT’s trustee has agreed to sell 10 Tuas Avenue 13 to an unrelated third party for S$11.11 million, 15.7 per cent higher than its latest valuation of S$9.6 million as at Oct 1, 2023.
The property, which was completed in 2008, is a six-storey cargo lift warehouse with a gross floor area of 13,471 square metres (sq m) on a land site of 12,082 sq m.
The proposed divestment is expected to be completed by the third quarter of FY24 and is not expected to have a material impact on MLT’s net asset value and net property income for FY24.
In a separate bourse filing, MLT’s manager said that the trustee has entered into conditional sale and purchase agreements with unrelated third party buyers through its special purpose vehicle in Malaysia.
The agreements involve the proposed divestments of Flexhub and Padi in Malaysia for a total sale price of RM151.2 million (S$43.8 million).
Flexhub, located in Senai, Johor, has a total net lettable area of 63,175 sq m and is being sold for RM125.1 million, 7.4 per cent above its latest valuation as at Oct 1, 2023.
Padi, which is in Pasir Gudang, Johor, has a net lettable area of 23,717 sq m and is being sold for RM26.1 million, 16 per cent above its latest valuation as at Oct 1, 2023.
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Both divestments are expected to be completed in the first half of FY25, subject to the satisfaction of certain conditions. The transactions are not expected to have a material impact on MLT’s net asset value and net property income for FY25.
After the divestments, MLT’s portfolio will consist of 185 properties.
MLT units closed at S$1.54, down 1.3 per cent or S$0.02 on Friday, before the announcements were made.
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