Mapletree Logistics Trust to sell Shanghai property for RMB323 mil
The selective divestment may increase financial flexibility for investment in modern assets while improving portfolio quality and resilience without materially affecting annual earnings.
Mapletree Logistics Trust agreed to sell Mapletree Northwest Logistics Park in Shanghai for RMB323 million ($61.3 million), matching its March 31 valuation.
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Singapore-listed Mapletree Logistics Trust (MLT) has inked a sale and purchase agreement with an unrelated third party to sell a logistics park in Shanghai, China, for RMB323 million ($61.3 million) — in line with its latest valuation.
Acquired by the Reit in 2008, the Mapletree Northwest Logistics Park spans a combined gross floor area of about 37,558 sq m (404,271 sq ft) and comprises two adjacent phases.
The first phase consists of two single-storey warehouses, a three-storey office block and ancillary buildings. The second phase is made up of a single-storey warehouse, a four-storey dormitory block and ancillary buildings.
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MLT's manager said in a Sept 21 bourse filing that the proposed sale is part of its efforts to rejuvenate the portfolio through selective divestments.
Capital released from the divestment will provide the Reit with more financial flexibility to pursue investment opportunities in modern assets and also improve the quality and resilience of its portfolio, it added.
The property was valued at RMB323 million as at March 31 this year.
The proposed deal is expected to be completed by the third quarter of MLT’s FY2027/2028, and is not expected to have a material impact on its net asset value and net property income for the financial year.
Following the sale, the Reit's portfolio will consist of 168 properties across Asia Pacific.