Mapletree Logistics Trust to divest two warehouses in Malaysia

MAPLETREE Logistics Trust’s (MLT) manager announced on Friday (Jan 13) that the real estate investment trust will be divesting two warehouses in Malaysia worth a total of RM50.2 million (S$15.3 million) to Sigma Warehousing.

The consideration is 6.1 per cent higher than the latest aggregate valuation for both properties as at Oct 1, 2022. The manager has also waived the one-off disposal fee of 0.5 per cent of the sale price.

Subang 1, a 16-year-old warehouse located in Subang, and Chee Wah, an 18-year-old warehouse located in Puchong, have gross floor areas of 12,873 square metres and 7,705 square metres, respectively.

The manager added that both are single-storey warehouses with limited redevelopment potential.

“Capital released from the divestments will provide MLT with greater financial flexibility to pursue investment opportunities of modern assets that cater to the requirements of today’s logistics users,” it said.

The deal is expected to be completed by the first half of MLT’s FY23/24, after which its portfolio will consist of 183 properties, including 15 in Malaysia.

SEE ALSO

Mapletree Logistics Trust to sell ‘outdated’ Changi property for S$22 million

Reits can withstand debt costs resetting to much higher levels

Mapletree Logistics Trust posts 3.5% rise in Q2 DPU to S$0.02248

Asean Intelligence

Get insights into businesses across South-east Asia

Get the free report

Units of MLT closed 0.6 per cent or S$0.01 lower at S$1.60 on Friday, before the announcement.