Mapletree Logistics Trust has announced the proposed acquisition of a portfolio of 17 logistics assets, comprising 13 properties in China, three properties in Vietnam, and a logistics facility in Japan for S$1.4 billion.
The agreed property values of the PRC properties and the Vietnam properties are RMB4,111.7 million (approximately S$870.0 million) and USD95.9 million (approximately S$129.9 million) respectively.
Separately, the company announced the proposed acquisition of a logistics facility in Japan from an unrelated third party at an agreed property value of JPY35,000 million (approximately S$416.3 million).
Ng Kiat, Chief Executive Officer of the Manager, said, “The pandemic has highlighted the importance of logistics and placed a greater emphasis on supply chain resiliency, fuelling demand for modern logistics space. The acquisitions of these 17 modern Grade-A logistics assets with an average age of 1.6 years position us well to capture these structural trends. The acquisitions in China and Vietnam will expand MLT’s network connectivity in these large growing consumption markets while the acquisition in Japan will scale up our presence in Greater Nagoya, an attractive logistics market strategically located between Greater Tokyo and Greater Osaka. Spanning over 1.7 million square feet of gross floor area, this freehold modern ramp-up facility will be our largest asset in Japan.”
The PRC Properties are located in key logistics hubs and in close proximity to large population catchments.
The Vietnam properties are located in the provinces of Bac Ninh and Binh Duong, which serve Hanoi and Ho Chi Minh City respectively, the largest consumption markets in northern Vietnam and the largest consumption market in Vietnam respectively
The PRC properties and the Vietnam properties have a committed occupancy rate of 91.0% with a weighted average lease expiry (by net lettable area) of 2.9 years.
The Japan property is located within an established industrial and logistics cluster in Greater Nagoya, in close proximity to Nagoya City, Nagoya Port and Centrair Airport.
The Japan property is a freehold, 5-storey dry logistics facility with a gross floor area of over 1.7 million square feet. The property has an occupancy of 82.5% with a weighted average lease expiry (by net lettable area) of 1.7 years.
