MAPLETREE Logistics Trust (MLT) has entered an agreement, through its special purpose vehicle in Malaysia, to divest Subang 2 for RM31.5 million (S$9.6 million) to an unrelated third party.
The sale price is 31.3 per cent higher than the property’s latest valuation of RM24 million, as at Oct 31, 2024, MLT’s manager said on Friday (Jan 3).
The property is located in Subang, Selangor and comprises a single-storey warehouse, as well as an annex three-storey office, with a building age of over 27 years. It has a net lettable area of 8,297 square metres.
The divestment is expected to be completed in the first half of FY25/26, with no material impact on MLT’s net asset value and net property income for the financial year. Following the divestment, MLT’s portfolio will consist of 178 properties.
“The divestment is in line with the manager’s efforts to rejuvenate its portfolio through selective divestment of assets that are no longer aligned with its strategy,” the trust’s manager said.
“Capital released from the divestment will provide MLT with greater financial flexibility to pursue investment opportunities in high-specification, modern logistics facilities with higher growth potential.”
Units of MLT closed S$0.01 or 0.8 per cent higher at S$1.30 on Friday, before the announcement.
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