Singapore-listed industrial REIT Mapletree Logistics Trust (MLT) (SGX:M44U) has announced the formal induction of its 116th property following the successful acquisition of 190A Pandan Loop.
MLT announced on 7 November that it has entered into a SGD34 million sale and purchase agreement with Havi Logistics Singapore to purchase four-storey purpose built food distribution centre with chiller and freezer facilities.
The property has a gross floor area of approximately 10,400 sqm and sits on a land site of approximately 8,500 sqm with remaining land lease tenure of 40 years. 190A Pandan Loop is currently 79% leased to two tenants, food and cold chain logistics provider Havi Logistics and baked goods supplier Aryzta Singapore. The leases have a weighted average lease term to expiry of 7.1 years.
“With this acquisition, MLT’s portfolio has increased to 116 properties comprising 53 properties in Singapore, 22 in Japan, 8 in Hong Kong, 9 in South Korea, 14 in Malaysia, 9 in China, and 1 in Vietnam. The total book value of these properties is approximately SGD4.4 billion”, said MLT in a statement announcing the induction.
However as MLT has also laid out plans to divest 134 Joo Seng Road, the REIT’s property portfolio will most probably stand at 115 by the end of 2014.
Units of MLT are currently listed on the Singapore Exchange at SGD1.17.