There was a fire at one of Singapore-listed Industrial REIT Mapletree Logistics Trust's (MLT)(SGX:M44U) properties in China – Mapletree Xi’an Distribution Centre – on the evening of 15 February. A statement on the fire was issued by the management on the evening of 17 February.
The fire has been put out and no injuries were reported. Investigation into the cause of the fire is currently underway. The management has indicated that its Xián property is insured for physical damage and loss of business income for a period of eighteen months. Thre has been no indication from MLT's management as to how much damage the fire had caused and what percentage of the property is affected.
|Mapletree Logistics Trust property in Xián suffered from a fire on 15 February.|
Mapletree Xi’an Distribution Centre comprises two blocks of buildings, of which one block was partially damaged by the fire.
With a total gross floor area of approximately 23,200 sqm, the property accounts for approximately 0.4% of both MLT’s portfolio investment property value and gross revenue. The Manager has indicated in a statement that it expects minimal impact on its portfolio arising from this incident.
Units of MLT closed the trading day slightly from its previous close to end at SGD1.02 on the Singapore Exchange.