Is Vietnam the next frontier for MapletreeLog?

SINGAPORE (Sept 29): Mapletree Logistics Trust (MLT) has acquired a Vietnam warehouse for VND 339.2 billion ($20.7 million) from its sponsor Mapletree Investments, which UOB Kay Hian says is in line with the group’s strategy to build a diversified portfolio of properties beyond Singapore.

The property in question is the Mapletree Logistics Park Phase 2, with 66,300 sqm of gross floor area. The entire project comprises six phases with a total GFA of 440,000 sqm and Mapletree Investments is currently developing Phase 3.

With a remaining land lease of 39 years, the property is connected to Ho Chi Minh City, Tan Son Nhat International Airport and various seaports. It is also fully occupied, with a weighted average lease expiry of 1.8 years. Its tenant base comprises international third-party logistics providers like Kubota Corporation and DKSH.

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