MLT to divest a Tuas warehouse for $10.5 million

The property, 30 Tuas South Avenue 8, has a valuation of $9.5 million as of end March

As part of its portfolio rejuvenation, Mapletree Logistics Trust M44u has sold a warehouse for $10.5 million.

The transacted price is 10.5% above the property's valuation of $9.5 million as at March.

The property, at 30 Tuas South Avenue 8, has a net lettable area of around 5,233 sqm.

"The proposed divestment is in line with the manager’s continued efforts to rejuvenate its portfolio through selective divestments.

"Capital released from the divestment will provide MLT with greater financial flexibility to pursue investment opportunities in high specification, modern logistics facilities with higher growth potential," MLT says.

The divestment is expected to be completed by 1Q FY24/25 ending June and will not have a material impact on its net asset value and net property income for FY24/25.

Following the divestment, MLT’s portfolio will consist of 187 properties.

MLT units closed at $1.37, up 1.48% for the day but down 19.88% year-to-date.

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