Mapletree Logistics Trust to lease newly-bought Vietnamese warehouse to Unilever

It bought a warehouse in Binh Duong province for $43m.

Mapletree Logistics Trust (MLT) signed an agreement with Unilever Vietnam to buy a warehouse in Vietnam-Singapore Industrial Park I (VSIP I), Binh Duong province, Vietnam for $43m (VND725.1b). Under the agreement, the property will be leased to Unilever Vietnam for 10 years.

According to an announcement, the property is designed with Grade A building specifications including a clear height of 10 metres and floor loading capacity of 30kN/sqm. It has a gross floor area of 66,800 sqm and a land area of 101,200 sqm.

The property’s location in VSIP I is a warehouse area that is approximately 17 km or 40 minutes’ drive from Ho Chi Minh City.

MLT expects the acquisition to generate an initial net property income (NPI) yield of 8.3%. The purchase will be funded by debt and is expected to be completed by Q4 of FY2018/2919.

Upon completion, MLT’s total portfolio will comprise 140 properties with a book value of approximately $7.7b.