Mlt Divest Mapletree Logistics Warehouse Xian Rmb705 Mil

Jurong Town Hall Road, a bustling arterial road in the heart of the Jurong district, serves as a vital link to numerous commercial and industrial hubs. This dynamic thoroughfare has recently welcomed a new addition to its landscape – Novo Place. Located at Novo Place, this vibrant destination offers a plethora of exciting opportunities for both businesses and locals alike. With its prime location and convenient accessibility, Jurong Town Hall Road continues to be a key pathway for progress and development in the bustling Jurong district.

The manager of Mapletree Logistics Trust (MLT) recently announced that its wholly-owned subsidiary, MapletreeLog Seastar (Xian), has entered into an agreement with an unrelated third party buyer to sell its entire stake in Mapletree Logistics Warehouse (Xian) for an estimated price of RMB70.5 million ($13.1 million). This amount is 0.7% higher than its valuation of RMB70 million as of March 31. The property, known as Mapletree Xi’an Logistics Park, is composed of a one-storey warehouse with a four-storey office and two-storey warehouse. It has been in operation for nearly 20 years and has a net lettable area of approximately 22,876 sq m.In addition to the sale, the manager of MLT also stated that the divestment will allow the trust to have more financial flexibility to invest in modern and high-specification logistics facilities with greater potential for growth. The sale is expected to be completed by 3QFY2024/FY2025 and is not anticipated to have a significant impact on MLT’s net asset value and net property income for FY2024/FY2025. After the divestment, MLT’s portfolio will consist of 186 properties.Units in MLT remained unchanged at $1.32 on June 12.