Mapletree Logistics Trust to acquire remaining stake in Hong Kong property for $103.48m

After the transaction, MLT will hold 100% of the property.

Mapletree Logistics Trust has entered into a Sale and Purchase Agreement with a third party vendor to acquire the remaining 38% strata share value of Shatin No. 3 in Hong Kong for $103.48m (HKD610m), according to a filing at the SGX.

This acquisition is made on an ‘as-is-where-is’ basis with vacant possession except for one floor which will be leased back to the vendor on a short tenure. Funding will come from bank borrowings and internal funds, according to OCBC Investment Research.

Upon the completion of the deal, MLT will hold 100% of the property. OCBC expects that the move will allow the company to better manage its property portfolio and make it easier to optimise returns for unitholders.