The property comprises a three-storey cargo lift warehouse and factory building with an ancillary office
Mapletree Logistics Trust’s (MLT) trustee HSBC Institutional Trust Services has entered into a purchase agreement to divest a property at 8 Tuas View Square for about S$11.18 million.
The sale price is 39.8 per cent above the latest valuation of S$8 million as at Nov 5, 2024, said MLT’s manager on Thursday (Jan 16).
The property, completed in May 2002, comprises a three-storey cargo lift warehouse and factory building with an ancillary office. It has a net lettable area of 4,405 square metres (sqm) on a land site of about 4,497 sqm.
“The proposed divestment is in line with the manager’s efforts to rejuvenate its portfolio through selective divestments of assets that are no longer aligned with its strategy,” said the manager.
It noted that the divestment proceeds will enable MLT to pursue other investment opportunities with higher growth potential.
The proposed divestment is expected to be completed by the first quarter of FY2025/2026, and is not expected to have a material impact on MLT’s net asset value and net property income for the financial year.
MLT’s portfolio will consist of 177 properties after the divestment.
Units of MLT closed Thursday up 0.8 per cent, or S$0.01, at S$1.27, before the announcement.
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