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Mapletree Logistics Trust sells 5 Japan warehouses for 17.52b yen

MAPLETREE Logistics Trust (MLT) has sold five warehouses in Japan to Godo Kaisha for a total of 17.52 billion yen (S$213.2 million) in cash.

In a regulatory filing on Wednesday, MLT's manager Mapletree Logistics Trust Management said that after evaluating all viable options and taking into consideration the older warehouse building specifications, limited future income growth and lack of redevelopment potential for the properties concerned, divestment at the offered price would be desirable in the interests of the unitholders.

The price was 21 per cent above the latest appraised value of the properties as at March 31, undertaken by independent valuer Colliers International Japan, using the discounted cash flow and direct capitalisation methods. Compared to the purchase cost (including capital expenditure and other related costs) of 15.51 billion yen, the sale price was 13 per cent higher.

"Capital released from the divestment will improve MLT's financial flexibility to pursue investments in higher-quality assets," said the manager in the statement.

Full payment has been received for the sale, which was completed on Wednesday.

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After divestment of these properties - four of which are in Saitama - MLT's portfolio stands at 137 properties, comprising 52 in Singapore, nine in Hong Kong, 16 in Japan, 10 in Australia, 12 in South Korea, 20 in China (50 per cent interest in 11 properties), 14 in Malaysia and four in Vietnam. The total value of assets under management is S$7.6 billion, including the acquisition of a logistics property in Binh Duong, Vietnam which was completed on Jan 30.

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