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Mapletree sells Woodlands factory for $15.5m

PropertyGuru

By Romesh Navaratnarajah:Mapletree Logistics Trust (MLT) has received in-principle approval from JTC Corporation to sell its property at 30 Woodlands Loop (pictured) for S$15.5 million, reported The Business Times. The four-storey factory will be sold to Advanced CAE, a unit of Advanced Holdings, which secured an option-to-purchase agreement with HSBC Institutional Trust Services – MLT's trustee. This is the second attempt by the trust to sell its property after a sale proposal last year was rejected by JTC, as the previous buyer's purchase application failed to meet its evaluation criteria. Advanced Holdings had offered a price that is 50.5 percent more than its 2007 sale price and 40.9 percent higher than the S$11 million valuation last year. The plan is to move its operations from 29 Senoko South Road into the property. In August, MLT announced that the divestment of the property with "limited growth potential" would free up capital to partially fund a concurrent acquisition of a higher yielding asset in South Korea. However, the acquisition was completed last September without a divestment deal. Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@allproperty.com.sg Related Stories:Ascendas names new chairman

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