Mapletree Logistics Trust's Natural Cool Lifestyle Hub. (Photo: REITsWeek)Mapletree Logistics Trust's Natural Cool Lifestyle Hub. (Photo: REITsWeek)

Singapore-listed Mapletree Logistics Trust has entered into a sale and purchase agreement to acquire four logistics properties in the Australian state of Victoria for AUD142.2 million (USD105 million).

The portfolio, which feature 100% occupancy across all four properties with a weighted average lease expiry (WALE) of 6.4 years, are being acquired from Growthpoint Properties Australia Limited.

The properties are namely 101-103 William Angliss Drive, 213-215 Robinsons Road, 365 Fitzgerald Road, and 28 Bilston Drive, three of which are in western Melbourne, while a fourth is is the city of Wodonga.

“With this acquisition, [Mapletree Logistics Trust] will now own and manage a total of nine properties in Australia”, said Ng Kiat, CEO of the REIT’s manager, adding that the portfolio will have an initial net property income yield of 7.6%.

The acquisition will be financed by a combination of borrowings that will be denominated in AUD, and remaining proceeds from the SGD250 million perpetual securities issued in May 2016.

The properties are expected to be inducted within the next few days, said the Singapore-listed industrial REIT in an announcement on 15 December.

Upon induction, Mapletree Logistics Trust’s aggregate leverage ratio is expected to be approximately 39.4%, with a total portfolio of 128 properties, and a book value of approximately SGD5.5 billion (USD3.8 billion).

Units of Mapletree Logistics Trust last changed hands on the Singapore Exchange at SGD1.01.

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.