MapletreeLog acquiring 2 assets

Singapore

MAPLETREE Logistics Trust (MLT) is acquiring two properties in Vietnam and South Korea for S$42.2 million.

Fully leased to a tenant base of mostly international logistics players, the two properties offer a net property income yield of 10 per cent and 8 per cent respectively, said Ng Kiat, chief executive officer of the trust-manager Mapletree Logistics Trust Management Ltd (MLTM).

Under a memorandum of understanding inked with its sponsor Mapletree Investments, MLT has agreed to buy a warehouse in Vietnam, Mapletree Logistics Park Bac Ninh Phase 1 (MLPBN1), from the sponsor for 339.4 billion Vietnamese Dong (S$20.8 million). Separately, MLT signed a sale and purchase agreement with Dakonet Co Ltd to acquire Dakonet Logistics Centre (DLC) in Gyeonggi province, South Korea for 17.5 billion won (S$21.4 million). "The acquisition of MLPBN1 will establish our first presence in North Vietnam, tapping into the growing distribution network serving Hanoi and its surrounding markets," said Ms Ng. "DLC will further strengthen our presence in Gyeonggi-do, …