Mapletree Logistics To Acquire Warehouse Worth $15.2 Million

Source : TODAY, Tuesday, September 25, 2007

Mapletree Logistics Trust Management has signed a Put and Call Option Agreement worth $15.2 million to acquire a warehouse.

The acquisition of the five-storey warehouse at Tuas Avenue 13 includes the 10,822 sq m of gross floor area as well as 2,521 sq m of gross floor area of the proposed extension.

Pioneer Districentre, a property vendor that deals mainly in transportation and warehousing-related services, will leaseback the property for seven years, with the option of a seven-year extension.

“This accretive asset adds to the Trust’s stable core of Singapore properties, which will generate long-term and stable returns for unitholders,” said Mapletree Logistics Trust Management CEO Chua Tiow Chye.

MapletreeLog expects the acquisition to be completed by the fourth quarter of this year.