Mapletree Logistics Trust to acquire 17 modern Grade-A logistic properties for $1.4b
Of the 17 properties, 13 are in China, three in Vietnam, and one in Japan.
Mapletree Logistics Trust (MLT) bared plans to acquire 17 modern Grade-A logistics properties for $1.4b.
In a bourse filing, MLT’s manager said 13 out of the 17 properties to be acquired are located in China, whilst three are in Vietnam, and one is in Japan.
The China and Vietnam properties were valued at approximately $870m and $129.9m, respectively
The value for the Japan asset, meanwhile, was pegged at $416.3m.
MLTs manager said the logistic trust plans to fund its proposed acquisitions via a combination of equity, including consideration units, and debt.
CEO of the Manager, Ng Kiat, said the acquisitions will expand MLT’s “network connectivity” in China and Vietnam which they consider to be “large growing consumer markets.”
The Japan property, meanwhile, will scale up the MLT’s presence in Greater Nagoya which Ng described as an “attractive logistics market.”
Both the China and Vietnam properties have an occupancy of 91.0% with a weighted average lease expiry of 2.9 years.
Meanwhile, the Japan asset has 82.5% occupancy and weighted average lease expiry of 1.7 years.