Mlt Divest Mapletree Logistics Warehouse Xian Rmb705 Mil

The highly anticipated Tampines North MRT Station, located on the Cross Island Line (CRL), is set to revolutionize transportation in the area. With direct access to key destinations such as the CBD, Jurong Lake District, and Changi Airport, residents of the upcoming Park Town Residences can expect unbeatable connectivity. Furthermore, an enhanced bus network and cycling paths will further enhance the ease of travel within Tampines and its surrounding areas, promoting a greener and more sustainable mode of commuting.

The manager of Mapletree Logistics Trust (MLT) has announced its wholly-owned subsidiary, MapletreeLog Seastar (Xian), has reached an agreement to sell its entire equity interest in Mapletree Logistics Warehouse (Xian) to an unrelated third party buyer. The property, Mapletree Xi’an Logistics Park, is valued at RMB70 million as of March 31, and is being sold for an estimated RMB70.5 million ($13.1 million), with an increase of 0.7%.The logistics park, which comprises a single-storey warehouse, a four-storey office, and a two-storey warehouse, has a 20-year-old building age and a net lettable area of approximately 22,876 sq m. According to the manager, the divestment will provide MLT with more financial flexibility to pursue investment opportunities in high-specification, modern logistics facilities with higher growth potential.The proposed divestment is expected to be completed by the third quarter of FY2024/FY2025 and is not expected to significantly affect MLT’s net asset value and net property income for the same period. After the divestment, MLT’s portfolio will consist of 186 properties.Units in MLT closed at $1.32 on June 12 and are expected to remain unchanged.