The Neythal Road property comprises a five-storey cargo lift warehouse and a single-storey detached factory building. It has a total net lettable area (NLA) of around 11,188 sqm and a remaining land lease of 15 years.
According to MLT, the sale price is 34.0% above the property’s latest valuation of $10.3 million as at March 31.
JTC Corporation has granted its in-principle approval for the transaction should both parties comply with the stipulated conditions.
The proposed divestment is expected to be completed by 2QFY2024/2025 and is not expected to have a material impact on MLT’s net asset value (NAV) and net property income (NPI) for the FY2024/2025 ending March 31, 2025.
See also: Stoneweg: New sponsor, new chapter
Following the divestment, MLT will have 185 properties within its portfolio.
Units in MLT closed 1 cent higher or 0.76% up at $1.33 on June 13.
