According to the trust, the proposed divestments are in line with the manager’s strategy to “rejuvenate” its portfolio through selective divestments.
MLT’s manager adds that capital released from the divestments will “provide [the REIT] with greater financial flexibility to pursue investment opportunities in high specification, modern logistics facilities with higher growth potential”.
Linfox, located in Shah Alam, Selangor, comprises a single-storey detached warehouse and an annex double-storey office. It has a net lettable area (NLA) of 17,984 sq m. The building is about 27 years old.
Linfox’s proposed sale price stands at RM72.0 million, 28.6% above its latest valuation of RM56.0 million as at March 31.
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Celestica Hub which is located in Senai, Johor, comprises two blocks of single-storey industrial warehouses with a total NLA of 22,304 sq m. The property has an average age of 18 years.
The proposed sale price of Celestica Hub is at RM43.2 million, which is 2.9% above the latest valuation of RM42.0 million as at March 31.
Finally, Zentraline is located in Shah Alam, Selangor, comprising a single-storey detached warehouse with annex office space. The property carries an NLA of 14,529 sq m, and is approximately 23 years old.
See also: Warburg Pincus announces rental housing and specialist asset acquisitions in Japan
The proposed sale price of RM42.3 million for Zentraline is 1.9% above the latest valuation of RM41.5 million as at March 31.
The proposed divestments are expected to be completed by FY2024/FY2025. Upon completion of the divestments, MLT will have 182 properties in its portfolio.
Units in MLT closed at 1 cent higher or up 0.7% at $1.43 on Sept 10.
