Mapletree Logistics Trust divests Japan property for $95.5m

The sale price is 12.2% above the property’s latest evaluation.

Mapletree Logistics Trust (MLT) has sold the Moriya Centre in Japan for $95.5m (JPY10.03b) to a third-party buyer.

In a bourse filing, the REIT said the sale price of the property is 12.2% above its latest valuation of JPY8.9b.

The divested property comprises three blocks of four-storey industrial buildings and ancillary offices with an average age of 17 years and a total net lettable area of 41,713 square metres.

The REIT’s manager said the property divestment of the property is in line with its continued efforts to “rejuvenate its portfolio through selective divestments of non-core assets, providing MLT with greater financial flexibility to pursue investment opportunities that enhance the quality and resilience of its portfolio.”

MLT will complete the divestment of Moriya Centre by 3Q FY23/24. Following the divestment, MLT’s portfolio will consist of 188 properties.