Mapletree Logistics Trust (MLT) is acquiring a 98.47% stake in Mapletree Kobe for JPY22,200 million (SGD272.5 million).
The property is a freehold 4-storey logistics facility.
It has a gross floor area of 102,119 square metres.
By road, it is located about 25 minutes from the Port of Kobe, and 30 minutes from Kobe Airport.
The property was completed in April 2019.
The acquisition will be effected via wholly owned subsidiaries of both the REIT and its sponsor.
“This prime Grade A logistics facility with double ramp ways will strengthen MLT’s footprint in Japan, an attractive logistics market with a scarcity of Grade A logistics properties”, said Ng Kiat, CEO of the REIT’s manager.
“The property is 99.7% leased to a high-quality tenant base and enjoys built-in rental escalations, which will provide a stable and growing income stream for MLT”, she added.
The property is also expected to provide a net property income (NPI) yield of 4% and be distribution per unit (DPU) accretive to unitholders, said the REIT.
MLT intends to fully fund the acquisition through a drawdown of JPY debt facilities, and an issuance of onshore JPY bonds, as well as the issuance of acquisition fee units.
The proposed acquisition will require approval from unitholders, which will be sought from an extraordinary general meeting (EGM) that will be announced in due course.
MLT was last done on the Singapore Exchange (SGX) at SGD1.79.