SINGAPORE: Mapletree Logistics Trust (MLT) has announced plans to divest three properties in Malaysia for a total of RM157.5 million (S$47.7 million).
The Edge Singapore reported that on Sept 10, MLT’s manager announced that HSBC Institutional Trust Services (Singapore) Limited, the trust’s trustee, has signed separate conditional sale and purchase agreements with external buyers.
These agreements are for selling three properties in Malaysia: Linfox, Celestica Hub, and Zentraline. The trust stated that these planned sales align with its strategy to “rejuvenate” its portfolio through targeted divestments.
The MLT’s manager explained that the funds from these sales will give the REIT increased financial flexibility. This, in turn, will allow MLT to explore investment opportunities in high-specification, modern logistics facilities that offer greater growth potential.
Linfox, located in Shah Alam, Selangor, features a single-storey warehouse and a double-storey office annexe, with a net lettable area (NLA) of 17,984 square metres. The property, which is approximately 27 years old, is proposed to be sold for RM72.0 million.
This sale price represents a 28.6% premium over its latest valuation of RM56.0 million as of March 31.
Celestica Hub, situated in Senai, Johor, includes two single-storey industrial warehouses with a combined NLA of 22,304 square metres.
At around 18 years old, this property is expected to be sold for RM43.2 million, which is 2.9% higher than its latest valuation of RM42.0 million as of March 31.
Zentraline, also in Shah Alam, comprises a single-storey warehouse with office space, offering an NLA of 14,529 square metres.
The property, approximately 23 years old, is proposed to be sold for RM42.3 million, a 1.9% increase over its latest valuation of RM41.5 million as of March 31.
The divestments are expected to be completed by fiscal year 2024 or 2025 (FY2024/FY2025). Upon completion, MLT’s portfolio will have a total of 182 properties. /TISG
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