Mapletree Logistics Trust Management Ltd. (Mapletree), announced that it has entered into a sale and purchase agreement with MLT’s sponsor, Mapletree Investments Pte Ltd (the “Sponsor”), for the acquisition of Mapletree Logistics Park Phase 2 (“MLPP2”) in Vietnam.
MLPP2 was purchased for a price of VND339.2bn, and is situated in the Singapore Industrial Park II, which is located in Binh Duong Province, Vietnam. The acquisition of MLPP2 is in line with MLT’s investment strategy to strengthen its portfolio and enhance returns through the acquisition of quality and strategically-located assets.
Commenting on the acquisition, Ms Ng Kiat, Chief Executive Officer of MLTM said, “With this third property in Vietnam, we will increase our ability to tap the rising demand for good quality logistics facilities in a fast growing market with strong domestic consumption. Moreover, at 100% occupancy and NPI yield of 9.9%, this acquisition will be accretive to MLT.”
The building specifications at MLPP2 include a floor-to-ceiling height of 8 m, floor loading capacity of 30kN/sq m and raised dock levellers, which are in line with international standards and requirements of international logistics and warehousing operators.
Comprising four blocks of single-storey multi-tenanted warehouses with mezzanine offices, the property has a gross floor area of about 66,300 sq m and land area of 106,200 sq m. The facility is fully leased to mostly international companies including Kubota Corporation, DKSH, Detmold Packaging, Crown Worldwide, Swisstec Sourcing and Makita Corporation. As of August 31, 2016, the existing leases have a weighted average lease term to expiry of 1.8 years.