Mapletree Logistics Trust to divest three Malaysian properties for $48m

The three properties are Linfox, Celestica Hub, and Zentraline.

Mapletree Logistics Trust Management Ltd. announced it will divest three Malaysian properties for a total of $47.7m (MYR 157.5m).

The divestments, carried out through MLT’s special purpose vehicle in Malaysia, are in line with the trust's strategy to streamline its portfolio by selectively selling off assets.

The properties include Linfox in Shah Alam, Selangor, a 17,984-square-metre warehouse and office, which will be sold for $21.6 (MYR72m), a 28.6% premium over its latest valuation. Celestica Hub in Senai, Johor, consists of two warehouses with a total area of 22,304 square metres and is set to be sold for $12.98 (MYR 43.2m), 2.9% above its valuation. Zentraline, also in Shah Alam, is a 14,529-square-metre warehouse with office space, and will be sold for $12.71 (MYR42.3m), 1.9% above its valuation.

According to MLT, the capital raised will offer greater financial flexibility for future investments in modern, high-specification logistics facilities with stronger growth potential.

MLT expects the divestments to be completed by FY24/25 and has confirmed they will not have a material impact on the trust's net asset value or property income for the financial year. Upon completion, MLT’s portfolio will comprise 182 properties.