The manager of Mapletree Logistics Trust (MLT) has announced the proposed divestment of a property in Victoria, Australia for A$60 million ($50.4 million) to an unrelated third party.
The property, a single-storey facility of over 19 years with a gross lettable area of around 57,440 square metres (sqm), is located in the regional market of Wodonga, on the border between Victoria and New South Wales. It is currently leased to a single tenant.
The net sale price of A$60.0 million is 7.1% above the latest valuation of A$56.0 million as March 31, and will be satisfied in cash.
The proposed divestment is expected to be completed by 3QFY2025/2026, and is not expected to have impact on the REIT’s net asset value or net property income for the FY2025/2026.
Following the divestment, the portfolio of MLT will consist of 174 properties.
Units in MLT closed 1 cent higher or 0.87% up at $1.16 on Aug 13.
