Mapletree Logistics (SGX:M44U) entered into a purchase agreement with an unrelated third party to divest an industrial building at 1 Genting Lane, Singapore for SG$12.3 million, according to a filing with the Singapore Exchange on Monday.

The divestment is part of the trust's efforts to improve its portfolio through selective divestment of assets, it said.

The property is a seven-story warehouse with an office, a showroom and a net lettable area of 6,050 square meters.

The proposed divestment is expected to be completed by the first quarter of 2025.

Following the divestment, the trust's portfolio will have 179 properties.