Mapletree Logistics Trust divests 31 Penjuru Lane logistic site for $7.8m

The divestment is part of the company’s efforts to rejuvenate its portfolio.

Mapletree Logistics Trust (MLT) has agreed to divest its logistics property at 31 Penjuru Lane to an unrelated third party for $7.8m.

The sale price of $7.8m is 6.8% above the latest valuation of $7.3m as of 28 November 2024.

The property comprises a 35-year-old three-storey warehouse and a 28-year-old part five-/part 10-storey warehouse with an ancillary office. It has a remaining land lease of approximately seven years.

The divestment is part of MLT’s effort to rejuvenate its portfolio. Proceeds from the sale will provide MLT with greater financial flexibility to pursue investment opportunities in high-specification, modern logistics facilities with higher growth potential.

JTC Corporation has granted in-principle approval for the transaction, subject to the parties complying with the stipulated conditions.

The proposed divestment is expected to be completed by Q2 FY25/26.

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Mapletree Logistics Trust

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