Mapletree Logistics Trust (MLT) has received consent from Singapore industrial spaces regulator JTC Corporation to acquire the asset at 9 Changi South Street 2.
The REIT first disclosed In July 2021 that it has been granted the option to purchase (OTP) the asset that was formerly in service as a warehouse for Robinsons.
Related: Mapletree Logistics Trust to acquire former Robinsons warehouse for SGD24.5 million
The asset will be acquired from RSH Holdings Pte Ltd for SGD24.5 million, just below its independently appraised value of SGD24.6 million.
“The manager wishes to inform that consent from JTC Corporation for the proposed acquisition has been obtained and the OTP was exercised today”, said MLT on 3 December.
The REIT expects the acquisition to be completed in December 2021.
MLT was last done on the SGX at SGD1.87, which presently implies a distribution yield of 4.65% according to data on the Singapore REITs table.