SINGAPORE (Aug 31): OCBC is upgrading its call on Mapletree Logistics Trust (MLT) from “hold” to “buy” with a higher fair value estimate of $1.35.

This follows the REIT’s proposed acquisition of Mapletree Logistics Tsing Yi in Hong Kong and capital recycling activities that continues to create value for unitholders.

MLT announced on Monday that it is acquiring Mapletree Logistics Tsing Yi from its wholly owned subsidiary, Mapletree Investments, for a consideration of HK$4.8 billion ($834.8 million), which represents a discount of 2.7% to the average of two independent valuations on the property.

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