MLT divests 8 Tuas View Square for $11.18m

The divestment is part of MLT’s portfolio rejuvenation.

Mapletree Logistics Trust (MLT) has entered into a purchase agreement with an unrelated third party for the proposed divestment of 8 Tuas View Square in Singapore for $11.18m.

Completed in May 2002, the property is a three-storey cargo lift warehouse and factory building with an ancillary office.

It has a net lettable area of approximately 4,405 sq m on a land site of approximately 4,497 sq m. The sale price of $11.18m is 39.8% above the latest valuation of $8.0m as of 5 November 2024.

The proposed divestment is part of MLT’s portfolio rejuvenation through selective divestments of assets that are no longer aligned with its strategy.

It is expected to be completed by Q1 FY25/26 and is not expected to have a material impact on MLT’s net asset value and net property income for FY25/26. 

Proceeds from the divestments will be used to invest in high-specification, modern logistics facilities with higher growth potential. Following the divestment, MLT’s portfolio will consist of 177 properties.