Not vested. From OCBC:-
Mapletree Logistics Trust: Acquisition of 98th property in Singapore
Mapletree Logistics Trust (MLT) announced yesterday evening that it has acquired a five-storey warehouse-cum-office building located at 15A Tuas Avenue 18, from Jian Huang Engineering Pte Ltd for a consideration of S$24.5m.
The property has a total GFA of approximately 15,400 sqm and is located in the Tuas industrial zone which has a range of industries from biomedical to electronics manufacturing.
Under the sale-and-leaseback arrangement, the property will be leased to the vendor for a period of seven years with a built-in rental escalation of 2% per annum and an option for extension for a further seven years.
The two-year old property provides an initial NPI of 8.2% and has a remaining land lease of about 27 years. The manager intends to fund the acquisition using proceeds from planned divestments, details of which will be announced in due course.
In the interim, the acquisition will be funded through debt and gearing is expected to
temporarily increase to approximately 40%. Upon completion of the divestments, proceeds received will be used to repay the debt.
With this acquisition, MLT's total portfolio will be increased to 98 properties with a total book value of approximately S$3,609 m. Our BUY rating and fair value of S$1.03 for MLT are presently under review. (Ong Kian Lin)