Mapletree Fund Buys 4 Johor Properties

Source : The Business Times, January 23, 2008

MAPLETREE Industrial Fund (MIF), a private real estate fund, said yesterday that it has signed two separate agreements with two related Malaysian investment and construction companies to acquire their four properties in Johor for RM61.5 million (S$27 million).

The agreements with Tangkai Jaya Sdn Bhd and Setegap Jaya Sdn Bhd are on a sale-and-leaseback basis.

The properties at the Tampoi Industrial Estate consist of four double-storey purpose-built detached factory buildings with a total gross floor area of 406,250 square feet.

Each of the four properties is sub-leased to individual tenants.

Phua Kok Kim, chief executive of Mapletree Industrial Fund Management Pte Ltd (MIFM), said: 'This acquisition has enabled the MIF to increase its portfolio of good quality industrial assets in Malaysia, thus highlighting our commitment towards growing the MIF into a pan-Asian industrial fund.

'The properties are well positioned to benefit from their location within the burgeoning Iskandar Development Region, which forms the nucleus of a dynamic economic and growth region in Malaysia's southern region.'

MIFM, a wholly owned subsidiary of Mapletree Investments Pte Ltd, is the manager of MIF.