Category: MLT
MapleTree – SGX
(I) H.S.(M) 17454, LOT NO. PT 2607, LOCALITY OF SUNGAI PENAGA, MUKIM OF PETALING, DISTRICT OF PETALING, STATE OF SELANGOR DARUL EHSAN, MALAYSIA FOR RM19.945 MILLION; AND
(II) H.S.(M) 10905, LOT NO. PT 298, LOCALITY OF SUNGAI PENAGA, MUKIM OF PETALING, DISTRICT OF PETALING, STATE OF SELANGOR DARUL EHSAN, MALAYSIA FOR RM9.5 MILLION
1 Mapletree Logistics Trust Management Ltd., as manager of Mapletree Logistics Trust (“MapletreeLog”), is pleased to announce the completion of the acquisition of (i) H.S.(M) 17454, Lot No. PT 2607, Locality of Sungai Penaga, Mukim of Petaling, District of Petaling, State of Selangor Darul Ehsan, Malaysia (the “Subang 3 Property”); and (ii) H.S.(M) 10905, Lot No. PT 298, Locality of Sungai Penaga, Mukim of Petaling, District of Petaling, State of Selangor Darul Ehsan, Malaysia (the “Subang 4 Property”) today for a purchase price of RM19.945 million and RM9.5 million respectively.
2 MapletreeLog (M) Holdings Sdn. Bhd. (“MMH”), a subsidiary of MapletreeLog, has today completed the sale and purchase of the Subang 3 Property and the Subang 4 Property, in connection with the two separate conditional sale and purchase agreements entered into between (i) Haluan Kreatif Sdn Bhd and MMH, and (ii) LYL Building Materials Sdn Bhd and MMH, respectively, on 16 February 2007.
3 The purchase price and other acquisition costs of the Property are funded by the proceeds from the issue of new units under the equity fund raising exercise of MapletreeLog, which was completed on 25 January 2007.
MapleTree – BT
Mapletree Logistics Trust buys 4 warehouses
MAPLETREE Logistics Trust is acquiring four warehouse properties in Singapore from listed Union Steel Holdings for $36.8 million. Mapletree, through its trustee, HSBC Institutional Trust Services (Singapore), has signed a put and call option for the properties, it said in a statement yesterday. The four properties are located at Pioneer Road North, Neythal Road, Tuas Avenue 8 and Tuas View Square.
Union Steel Pte Ltd will lease back the Pioneer Road North and Neythal Road warehouses, while YLS Steel Pte Ltd will lease the two Tuas warehouses. Both the lessees are wholly-owned subsidiaries of Union Steel Holdings.
The lease tenure for all the properties is six years, with an option to extend for a further six years.
Mapletree said the acquisitions will be accretive to its distribution per unit (DPU). The proforma financial effect of the acquisitions on the DPU for the financial year ended December 2006 would be an additional 0.1 Singapore cent per unit.
‘The good location of the properties, which are in established industrial estates, will underpin capital values and provide good upward reversion potential,’ said Chua Tiow Chye, chief executive officer of Mapletree Logistics Trust Management, the manager of the trust. ‘These accretive assets will contribute positively to the stability of the returns for our unit holders.’
The acquisition is expected to be completed by the fourth quarter of 2007. Mapletree said it will have sufficient debt capacity to fund the acquisition wholly by debt, although it could also explore alternative means of funding should the need arise.
MapleTree – CNA
MapletreeLog acquires 4 Singapore properties for S$36.8m
By Asha Popatlal, Channel NewsAsia | Posted: 26 August 2007 1926 hrs
SINGAPORE: Mapletree Logistics Trust Management Ltd., also known as MapletreeLog, has signed a ‘put and call option’ agreement to acquire four warehouse properties for S$36.8 million.
The properties in Pioneer Road, Neythal Road and Tuas will be leased by two subsidiaries of Union Steel Holdings Limited, a public listed company.
Lease tenure for all the properties is six years, with an option to extend for another six years.
Rents and capital values of industrial property in Singapore have been on the rise, according to CB Richard Ellis’ report of figures for the first quarter of this year.
The average monthly rent for warehouses increased for the first time since 2003.
The acquisition, expected to be funded wholly by debt, is likely to be completed by the fourth quarter of this year.
However, in a statement, MapletreeLog says this does not preclude it from exploring alternative means of funding should the need arise.
MapleTree – SGX
COMPLETION OF ACQUISITION OF FIFTH TO NINTH FLOORS OF TAI SANG
SHATIN WAREHOUSE CENTRE AT NO. 6 WONG CHUK YEUNG STREET, SHATIN,
NEW TERRITORIES, HONG KONG FOR HK$66.0 MILLION
1 Mapletree Logistics Trust Management Ltd., as manager of Mapletree Logistics Trust (“MapletreeLog”), is pleased to announce the completion of the acquisition of the fifth to the ninth floors of Tai Sang Shatin Warehouse Centre at No. 6 Wong Chuk Yeung Street, Shatin New Territories, Hong Kong (the “Property”) today for a purchase price of HK$66.0 million.
2 Mapletree Opal Ltd. (“Opal”), a subsidiary of MapletreeLog, has today completed the sale and purchase of the Property, in connection with the conditional sale and purchase agreement entered into between Ever Gain Company Limited and Opal, on 10 July 2007.
3 The purchase price and other acquisition costs of the Property are fully funded by debt.
MapleTree – SGX
MAPLETREELOG ACQUIRES SINGAPORE PROPERTY FOR S$10.4 MILLION
The vendor of the property, located at 21 Tai Seng Drive, is Trivec Singapore Pte Ltd (“Trivec”), who will lease back the property for 5 years, with an option to extend for a further 5 years. The acquisition will be accretive to MapletreeLog’s distribution per unit (“DPU”). The pro forma financial effect of the acquisition on the DPU for the financial year ended 31 December 2006 is an additional 0.03 Singapore cents per unit1.
Rationale for the acquisition
Mr. Chua Tiow Chye, Chief Executive Officer of MLTM, said, “This acquisition marks the broadening relationship we have with Trivec. It is the second sale and leaseback transaction with Trivec, with thefirst one having been completed in September 2006. We are happy to partner Trivec in their expansion plans and to be able to provide them with a range of real-estate solutions.”
“We are very pleased with this acquisition, which is the Trust’s second property, in the established logistics and industrial zone in the Paya Lebar area. The estate is easily accessible via the Pan Island Expressway, the Central Expressway as well as the soon to be completed Circle Line,” Mr. Chua said.
“This accretive asset adds to the Trust’s stable core of Singapore properties, which will generate
long-term and stable returns for unitholders. Furthermore, given the tight supply situation for high quality logistics real-estate in good locations, rentals and capital values are expected to remain firm.”
Colliers International, in its May 2007 “Asia Pacific Industrial Market Overview”, highlighted the industry-friendly tax incentives as well as the strong demand coupled with tightening supply as the main factors that will generate and underpin demand for warehouse space in Singapore.
On 9August 2007, the Ministry of Trade and Industry raised its full year growth forecast for 2007 to between 7 and 8 percent. Unemployment has dropped to a 6-year low of 2.4%. Asia’s medium-term fundamentals remain strong and Singapore is well-positioned to harness the economic and trade growth of the region.
Funding
The acquisition is expected to be completed by 4Q 2007. T he Manager is confident that at its completion, MapletreeLog will have sufficient debt capacity to fund the acquisition wholly by debt.
However, this does not preclude the Manager from exploring alternative means of funding should the need arise.
General Description of the property
The property is a 5-storey warehouse in Paya Lebar, Singapore. The Paya Lebar area is an established industrial and commercial area. The property has easy access to major transportation infrastructure including MRT stations (existing Eunos MRT station and the soon to be completed Tai Seng MRT station on the Circle Line) and expressways (Pan Island Expressway and Central Expressway). It has a GFA of approximately 6,223 sqm and is located on leasehold land measuring about 3,054 sqm. The property has been valued at S$10.6 million by CKS Property Consultants Pte Ltd, dated 15th July 2007.
1 Assuming MapletreeLog has purchased, held and operated the property for the financial year ended 31 December 2006 (based on 41 properties) and that the acquisition is 100% debt-funded.