The manager of Mapletree Logistics Trust M44U (MLT) has announced the completion of the divestment of Flexhub in Malaysia, according to a Sept 23 release.
On Nov 10, 2023, the REIT announced that it had entered a sale and purchase agreement for the divestment of Flexhub and Padi in Malaysia at a total sale price of RM151.2 million ($43.8 million).
Flexhub is located in Senai, Johor, with a total net lettable area of 63,175 square metres. The property comprises a single-storey industrial building with annexed office space.
The proposed sale price for Flexhub stood at RM125.1 million, which was 7.4% above the latest valuation of RM116.5 million, as at Oct 1, 2023.
Following the divestment, MLT’s portfolio currently stands at 186 properties, comprising 47 properties in Singapore, 14 in Australia, 43 in China, 24 in Japan, 13 in Malaysia, 21 in South Korea, 12 in Vietnam, nine in Hong Kong, and three in India.
The REIT’s total value of assets under management stands at $13.3 billion.
See also: Elite UK REIT to divest Hilden House for GBP3.3 mil
Units in MLT closed 1 cent lower, or down 0.69%, at $1.43 on Sept 23.
