Mapletree Logistics Trust to sell Australian logistics property for US$20.2 million
Sale price is 3.7% above asset’s latest valuation of A$27 million, or US$19.5 million
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[SINGAPORE] Mapletree Logistics Trust (MLT) has agreed to sell a vacant logistics property in Derrimut, Victoria, for A$28 million (US$20.2 million), the trust manager said in a bourse filing on Tuesday (Sep 8).
The proposed sale of 365 Fitzgerald Road to an unrelated third party is in line with the manager’s “proactive portfolio rejuvenation strategy”, it said.
The sale, which will be satisfied in cash, is priced 3.7 per cent above the Australian property’s latest valuation of A$27 million as at Mar 31, 2026.
The valuation was conducted independently by Knight Frank Valuation & Advisory Victoria.
MLT previously acquired the property in 2016 for A$18 million.
Completed in 2006, the property comprises two single-storey warehouses with ancillary office space, a two-storey office building and a truck-servicing workshop. It has a gross lettable area of about 16,114 square metres.
The asset has been vacant since Apr 1, 2026, following the expiry of its previous lease.
“Considering the asset’s age and limited future development potential, the manager determined that the divestment at the offered price represented the optimal outcome in the interests of unitholders,” said the manager.
Capital released from the transaction would give MLT greater financial flexibility to pursue investments in high-specification modern logistics facilities, the manager said. Such investments would help improve the quality and resilience of its portfolio.
The proposed transaction is expected to be completed by the third quarter of its 2027 financial year. The manager does not expect it to have a material impact on MLT’s net asset value or net property income for that financial year.
Following the divestment, MLT’s portfolio is expected to comprise 170 properties. This figure also excludes two properties in China and one in Singapore that are set to be sold, as well as 37 Penjuru Lane, which was returned to JTC Corp on Aug 15 after its land lease expired.
As at Jun 30, MLT held 175 properties across nine markets, with assets under management of S$13.1 billion.
Units of the trust closed 0.9 per cent or S$0.01 lower at S$1.15 on Tuesday, before the announcement.
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