Mapletree Logistics Trust to sell Neythal Road warehouse for S$13.8 million
Following the divestment, the trust’s portfolio will consist of 185 properties
MAPLETREE Logistics Trust on Thursday (Jun 13) announced its proposed divestment of 119 Neythal Road in Singapore for S$13.8 million.
In a bourse filing, the manager of the trust stated that a purchase agreement has been entered into with an unnamed, unrelated third party.
JTC Corporation has granted in-principle approval for the transaction, subject to the parties complying with the stipulated conditions.
The property in question is a five-storey cargo lift warehouse and a single-storey detached factory building. It has a net lettable area of approximately 11,188 square metres and a remaining land lease of about 15 years.
The sale price of S$13.8 million is 34 per cent above the property’s latest valuation of S$10.3 million as at Mar 31, 2024.
The transaction is expected to be completed by the second quarter of the 2024/2025 fiscal year.
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The manager said that the divestment is not expected to have a material impact on Mapletree Logistics Trust’s net asset value and net property income for the fiscal year.
It noted that the divestment aligns with its strategy to refresh the trust’s portfolio through selective sales.
Following the divestment, the trust’s portfolio will consist of 185 properties.
Prior to the announcement, units of Mapletree Logistics Trust closed at S$1.33 on Thursday, up S$0.01 or 0.8 per cent.
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