Mapletree Logistics snaps up third Vietnam logistics property for $20.6m

The property has a remaining lease of 39 years.

The logistics firm deepens its footprint in Vietnam as it acquires Mapletree Logistics Park Phase 2 from its sponsor Mapletree Investments for $20.6m.

According to a report by RHB Research, the property is located in Binh Duong Province and it comprises of four single-storey blocks of multitenanted warehouses with mezzanine offices and is 100% leased with a remaining WALE of 1.8 years.

RHB Research added that the acquisition is yield accretive with initial NPI yield of 9.9% (compared to portfolio NPI yield ~6%) and is purchased at a 2% discount to the average of 2 independent valuers valuations.

“The acquisition size although small (<1% total asset value) is positive as it provides MLT with a direct exposure to growing demand of Vietnam's warehousing and logistics facilities,” the report noted.