Dakonet Logistics Centre in Gyeonggi-do, a prime logistics hub near Seoul.Dakonet Logistics Centre in Gyeonggi-do, a prime logistics hub near Seoul.

Singapore mainboard-listed industrial REIT, Mapletree Logistics Trust (SGX:M44U), announced on 11 June that it has completed the acquisition of Dakonet Logistics Centre in South Korea.

The REIT first announced in May 2015 that it will be acquiring the three-storey Grade-A dry warehouse for a purchase consideration of KRW17.5 billion (SGD21.2 million).

The property is fully occupied by three tenants – Toll Global Logistics Korea Co. Ltd, Dada & Kolonet Co. Ltd and Dakonet.

With this acquisition, MLT’s portfolio has increased to 118 properties comprising 53 properties in Singapore, 22 in Japan, 8 in Hong Kong, 11 in South Korea, 14 in Malaysia, 9 in China, and 1 in Vietnam. The total book value of these properties is approximately SGD4.65 billion

Units of Mapletree Logistics Trust closed the trading day 1.35% higher to end at SGD1.12.

Dakonet Logistics Centre in Gyeonggi-do, a prime logistics hub near Seoul.
Dakonet Logistics Centre in Gyeonggi-do, a prime logistics hub near Seoul.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.