Mapletree Logistics Trust property in Japan, Moriya Centre.Mapletree Logistics Trust property in Japan, Moriya Centre. (Photo: Mapletree Logistics Trust)

Mapletree Logistics Trust (MLT) is divesting one of its assets in Japan for JPY10,030 million (SGD95.5 million).

The asset, Moriya Centre, is being divested to an undisclosed third party that is not related to MLT, the REIT disclosed on 1 September.

The property comprises three blocks of 4-storey industrial buildings and ancillary offices with an average age of 17 years and a total net lettable area of 41,713 square metres.

The sale price of JPY10,030 million is 12.2% above the latest valuation of JPY8,940 million as at 31 March 2023.

“The proposed divestment is in line with the manager’s continued efforts to rejuvenate its portfolio through selective divestments of non-core assets, providing MLT with greater financial flexibility to pursue investment opportunities that enhance the quality and resilience of its portfolio”, said the REIT in a statement.

The proposed divestment is expected to be completed by 3Q FY23/24.

It is not expected to have a material impact on MLT’s net asset value and net property income for FY23/24.

Following the divestment, the REIT’s portfolio will consist of 188 properties.

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.

By Shariffa Al-Habshee

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