Singapore sovereign fund-backed industrial REIT, Mapletree Logistics Trust, has entered into negotiations to acquire a remaining 38% stake in a property located in the New Territories region of Hong Kong.
The strata share value is being purchased by the REIT for HKD610 million (USD78 million), which is below its market value of HKD615 million as independently appraised by CBRE Limited.
With this acquisition Mapletree Logistics Trust’s interest in Shatin No. 3, which is located at No. 22, On Sum Street, will now increase to 100%.
The REIT, which has held on to its original share of the property since 2006, has not disclosed the vendor of the remaining strata share.