The trustee of Mapletree Logistics Trust M44U (MLT) has entered into a purchase agreement with an unrelated third party to divest MLT’s property at 119 Neythal Road for $13.8 million.
The news comes after the REIT manager announced, on June 12, that it has agreed to divest its stake in Mapletree Logistics Warehouse (Xian) for RMB70.5 million or $13.1 million.
The Neythal Road property comprises a five-storey cargo lift warehouse and a single-storey detached factory building. It has a total net lettable area (NLA) of around 11,188 sqm and a remaining land lease of 15 years.
According to MLT, the sale price is 34.0% above the property’s latest valuation of $10.3 million as at March 31.
JTC Corporation has granted its in-principle approval for the transaction should both parties comply with the stipulated conditions.
The proposed divestment is expected to be completed by 2QFY2024/2025 and is not expected to have a material impact on MLT’s net asset value (NAV) and net property income (NPI) for the FY2024/2025 ending March 31, 2025.
See also: Changes in ICR, leverage to come into effect immediately, with additional disclosures in March
Following the divestment, MLT will have 185 properties within its portfolio.
Units in MLT closed 1 cent higher or 0.76% up at $1.33 on June 13.
