Mapletree Logistics Trust to acquire Melbourne warehouse for AUD18.4 million

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Mapletree Logistics Trust (MLT) has entered into an agreement with Wooreddy Investments Pty Ltd to acquire a warehouse in Truganina, Melbourne, Australia for AUD18.4 million (SGD17.4 million).

The property is a one-storey modern logistics facility to be constructed at 15 Boterro Place in Truganina.

It has been valued at AUD18.5 million by CBRE Valuations Pty Limited as at 18 July 2019.

The property sits on freehold land of 25,650 square metres, and it will have a net lettable area of approximately 15,100 square metres when completed.

The property is designed with Grade A specifications, including minimum clearance height of 10 metres, floor loading capacity of 30kN/square metres, and superflat floors to cater to the requirements of major logistics tenants in Australia.

MLT has described Truganina as an emerging location of choice for industrial and logistics users, with major operators such as CEVA, Toll and DHL.

“The upcoming West Gate Tunnel will further enhance Truganina’s connectivity”, said MLT.

The property will be acquired with vacant possession and settlement is expected to take place by third quarter of 2020.

The stabilised NPI yield is estimated to be 6.3% based on the property purchase price of AUD18.4 million.

MLT will pay 10% of the purchase price as an initial deposit, with the balance 90% payable upon settlement.

Transaction-related costs are estimated at up to AUD1.6 million, including stamp duty, professional advisory fees, and the acquisition fee payable to the REIT’s manager of AUD184,000, being 1% of the purchase price.

The acquisition will be funded by debt, and MLT’s aggregate leverage ratio is projected to increase by 0.1% to approximately 36.9% post-completion.

Once inducted, the REIT’s portfolio will comprise 138 properties with a total value of assets under management of SGD7.9 billion.

MLT was last done on the Singapore Exchange at SGD1.58.

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