Mapletree Logistics Trust (SGX:M44U) agreed to dispose of its 31 Penjuru Lane property in Singapore for SG$7.8 million, according to a filing with the Singapore Exchange on Wednesday.

JTC Corporation has been granted in-principle approval for the transaction.

The divestment is part of the manager's efforts to rejuvenate the portfolio through divestment of assets that are no longer part of the group's long-term strategy.

The property comprises a three-story warehouse and an ancillary office. The property's remaining land lease is of around seven years.

Following the divestment, the trust's portfolio will consist of 176 properties.

Shares of the trust were up nearly 2% in recent trading.