The manager of Mapletree Logistics Trust(MLT) Management announced today that the trust has completed the divestment of its 1 Genting Lane property.
The divestment of the property was first announced last December, for a sale consideration of $12.3 million, 35.2% above its valuation of $9.1 million as at Oct 1.
The property is a 36-year old industrial building, which comprises a seven-storey warehouse with an office and showroom. The property has a net lettable area of approximately 6,050 sqm on a land site of around 3,372 sqm.
Following this divestment, MLT’s portfolio stands at 179 properties and the total value of assets under management is $13.3 billion, as at end March 2025.
Units in MLT closed 4 cents higher or 3.704% up at $1.12 on May 13.
