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Mapletree Logistics to buy properties in Malaysia, Vietnam, China


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Mapletree Logistics to buy properties in Malaysia, Vietnam, China

Mapletree Logistics Trust proposed to purchase seven fully-leased logistics properties in Malaysia, Vietnam and China with a combined value of S$493.4 million.

The Singapore-listed logistics REIT said it will acquire a property in Malaysia for approximately 826.0 million ringgit, two properties in Vietnam for roughly US$38.9 million and a 50% stake in each of four properties across China for about 314.3 million yuan. Including all acquisition-related expenses, the transactions are estimated to cost S$422.0 million, it added.

The properties have a weighted average lease expiry of 1.9 years and are 100% leased to tenants including Watsons, Ashley Furniture, Lazada eLogistics and Shopee, Mapletree Logistics said Oct. 21.

Mapletree Logistics plans to fund the acquisitions with equity and/or debt. The REIT expects the acquisitions to be accretive to both its per-unit distribution and net asset value.

As of Oct. 21, US$1 was equivalent to S$1.36, 4.18 Malaysian ringgit and 7.08 Chinese yuan.