Mapletree Logistics Trust (MLT) disclosed on 10 August that it is divesting 8 Loyang Crescent in Singapore for SGD27.8 million.

This is the second divestment announced by the REIT within the week, which suggests that it is accelerating capital recycling efforts.

8 Loyang Crescent is a six-storey cargo lift warehouse with a gross floor area of 14,522 square metres.

The proposed sale price of SGD27.8 million is 17.3% above the latest valuation of SGD23.7 million as at 31 March 2023.

“The proposed divestment is in line with the manager’s strategy to rejuvenate the portfolio through selective divestments of non-core assets, providing MLT with greater financial flexibility to pursue investments in modern assets with higher growth potential”, said the REIT.

The proposed divestment is expected to be completed by 2Q FY23/24.

8 Loyang Crescent’s divestment announcement came days after the REIT disclosed that it is disposing Century in Malaysia at a sale price of MYR60.0 million.

The sale price is 15.4% above the latest valuation of MYR52.0 million as at 31 March 2023.

Following these divestments, MLT’s portfolio will consist of 189 assets.

MLT was last done on the Singapore Exchange at SGD1.68, which presently implies a distribution yield of 5.41% according to data on the Singapore REITs table.