On Thursday, January 16th, HSBC Institutional Trust Services, the trustee of Mapletree Logistics Trust (MLT), announced that it has entered into a purchase agreement to sell a property located at 8, Tuas View Square for approximately S$11.18 million.
According to MLT's manager, the sale price represents a 39.8% premium over the property's latest valuation of S$8 million, which was conducted as of November 5th, 2024.
The property, which was completed in May 2002, consists of a three-story cargo lift warehouse and factory building with an ancillary office. It sits on a land site measuring approximately 4,497 square meters and has a net lettable area of 4,405 square meters.
"The proposed sale aligns with the manager's ongoing efforts to revitalize its portfolio by selectively disposing of assets that no longer fit within its strategic plan," said the manager.
The manager further noted that the proceeds from the sale will allow MLT to pursue other investment opportunities that offer higher growth potential.
The proposed sale is anticipated to be finalized by the first quarter of the fiscal year 2025/2026, and it is not expected to significantly impact MLT's net asset value or net property income for the current financial year.
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