Mapletree Logistics has bought two warehouses in western Singapore for S$56 million.
The deal was signed with Cougar Holdings, a unit of the global logistics firm Menlo Worldwide, and covers warehouses at 30 Boon Lay Way and 22A Benoi Road. The properties are located close to Jurong Port and the larger Jurong Industrial Estate.
Under the deal, the warehouses will be leased back to Cougar Express Logistics unit for 10 years initially. There is an option to renew for further consecutive periods of five years each.
Menlo says the sale of the warehouses is in line with its asset-light strategy.
The acquisitions are expected to be completed by the second quarter of this year. MapletreeLog says the acquisitions will be funded wholly by debt. - CNA/ch
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