Mapletree Logistics Trust to sell warehouses at 31 Penjuru Lane for S$7.8 million

[SINGAPORE] Mapletree Logistics Trust (MLT) has agreed to divest its logistics property at 31 Penjuru Lane for S$7.8 million, its manager said on Wednesday (Mar 12).

The sale price is 6.8 per cent higher than the property’s latest valuation of S$7.3 million as at Nov 28. The property is being sold to an unrelated third party.

The property comprises a three-storey warehouse with a building age of around 35 years and another warehouse which is around 28 years old. The property sits on a plot of land with about seven years left on its lease.

The trust’s manager said: “The proposed divestment is in line with the manager’s efforts to rejuvenate its portfolio through selective divestments of assets that are no longer aligned with its strategy. Capital released from the divestment will provide MLT with greater financial flexibility to pursue investment opportunities in high specification, modern logistics facilities with higher growth potential.”

JTC Corporation has granted in-principle approval for the transaction, subject to parties complying with stipulated conditions. The proposed divestment is expected to be completed by the second quarter of FY2025/2026.