Singapore-listed Mapletree Logistics Trust is proposing to acquire a business park property in Shah Alam, for MYR160 million (SGD53.2 million).
The property, Mapletree Shah Alam Logistics Park, is to be acquired from the industrial REIT’s sponsor, Mapletree Investments Pte Ltd. It will be Mapletree Logistics Trust’s 15th logistics facility in Malaysia and its fifth in Shah Alam.
Mapletree Shah Alam Logistics Park is located within the Shah Alam Industrial Park and features three blocks of single storey multi-tenanted warehouses with mezzanine offices. The property has a total gross floor area of about 60,905 square metres and is 100% leased to primarily third party logistics service providers.
The acquisition will be funded by proceeds raised from the recent issue of SGD250 million of perpetual securities, and is expected to complete by November 2016, subject to approval from the state authority.
Post-acquisition, the REIT’s aggregate leverage ratio will be approximately 36.6% while its total portfolio will comprise 123 properties with a book value of SGD5.2 billion.
Units of Mapletree Logistics Trust finished flat from its previous trading day on the Singapore Exchange at SGD1.00.