Mapletree Logistics Trust closed the acquisition of a 50% stake in each of 11 Chinese property holding companies for a total cost of 1.02 billion yuan, including the 985.3 million-yuan purchase price plus related fees.
The 11 Chinese logistics properties that the deal covers were developed by the Singaporean real estate investment trust's sponsor, Mapletree Investments Pte. Ltd., and are mostly occupied by companies engaged in e-commerce or related sectors, including JD.com Inc., Cainiao Smart Logistics Network Ltd., Sinotrans Ltd., BEST Logistics Technology (China) Co. Ltd. and China Post Group Corp.
To fund the acquisition, Mapletree Logistics used about S$206.4 million of S$220.0 million in gross proceeds raised from a recent private placement. The remaining proceeds will be used to repay debt and cover fees and expenses related to both the acquisition and placement.
