The manager of Mapletree Logistics Trust (MLT) seeks to divest its property at 31 Penjuru Lane for $7.8 million by 2QFY2025/2026, to provide the trust with greater financial flexibility.
The proposed divestment is in line with MLT’s managers’ efforts to rejuvenate its portfolio through selective divestment of assets that are no longer aligned with its strategy, the release reads.
The property is a three-storey warehouse with a building age of around 35 years, and a part
5-/part 10-storey warehouse and ancillary office which is about 28 years old. It has a remaining land lease of about seven years.
MLT says that the sale price of $7.8 million is 6.8% above the latest valuation of $7.3 million as at Nov 28, 2024.
The trust aims to complete the divestment by 2QFY2025/2026, and is not expected to have a material impact on MLT’s net asset value and net property income for FY2025/FY2026.
The divestment will leave MLT’s portfolio with 176 properties.
See also: To raise US$165 mil by mid-year, what will MUST divest next?
JTC Corporation has granted in-principle approval for the transaction.
Units in MLT closed 4 cents higher or 3.2% up at $1.29 on March 12.
