115 Rudd Street, Mapletree Logistics Trust's second property in Brisbane. (Credit: Mapletree Logistics Trust)

Mapletree Logistics Trust has cancelled the plan to acquire a property in Inala, Brisbane.

The Singapore REIT first disclosed in June 2020 that it would be acquiring the freehold asset for AUD21.25 million (USD14.5 million).

Related: Mapletree Logistics Trust expands logistics footprint in Brisbane

The acquisition will no longer be proceeding as certain conditions were not fulfilled by 30 November 2020, being the long-stop date, said the REIT on 1 December.

Brisbane is a growing logistics market supported by positive long-term economic fundamentals and resilient domestic consumption, said the REIT when it first announced the acquisition in June 2020.

It would have been the REIT’s second logistics asset in Brisbane, and its eleventh in Australia overall.

The termination of the proposed acquisition will not have any material adverse impact on the net asset value or distribution per unit of MLT for the financial year ending 31 March 2021, the REIT added.

MLT was last done on the SGX at SGD1.95, which implies a distribution yield of 4.2% according to data compiled on the Singapore REITs table.

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By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.