Mapletree Logistics Trust to sell facility at Tai Seng Drive

The sale consideration sits at $68m.

Mapletree Logistics Trust will be divesting its 7 Tai Seng Drive property for $68m.

According to OCBC Investment Research, the trust reckons that this 20-year old seven-storey building has older warehouse specifications with limited scope for future redevelopment into a modern ramp-up logistics facility.

To recall, the property was acquired in 2006 for $38.0m and valued at $31.8m, as at 31 March 2017.

"Management intends to distribute the divestment gains from the transaction to its unitholders, after taking into account all relevant costs and expenses, while the capital released may be used to fund committed investments and/or pare down debt," analyst Wong Teck Ching Andy said.