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Mapletree Industrial Trust’s distribution centre in Shah Alam, Malaysia
Singapore-listed Mapletree Logistics Trust on Monday announced an agreement to acquire five warehouse assets in South Korea for KRW 280 billion ($250 million), strengthening MLT’s foothold in Asia Pacific’s third-largest e-commerce market.
Situated in the Yongin-Icheon logistics cluster in the southeast corner of Greater Seoul, the five properties have nearly 150,000 square metres (1,614,587 square feet) of net lettable area and are 100 percent occupied.
The sellers are two real estate investment trusts affiliated with Mirae Asset Global Investments, a Korean asset management firm.
“This is an attractive strategic opportunity for MLT to acquire a portfolio of high specification warehouses that will significantly scale up our competitive positioning,” Ng Kiat, chief executive of the trust’s manager, said in a release. “The acquisitions will increase our gross floor area in S
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Mapletree may soon be the owner of this Oakland landmark
Singapore’s Mapletree Investments is making another bet on the future of the US tech economy as the Temasek Holdings-controlled real estate firm is linked to the pending sale of an office building in the San Francisco Bay Area.
The Uptown Station office building in Oakland has been placed under contract, with Mapletree understood to be buying the recently renovated asset for about $420 million, according to three sources familiar with the sale, although no final price has been confirmed.
The acquisition of the 396,808 square foot (36,865 square metre) asset, which has yet to close at this time, follows 2020 Mapletree investments in US offices and data centres, with the company having also established a dedicated REIT for holding US and European logistics properties.
Singapore stocks close higher on Tuesday, tracking Wall Street gains, STI up 0 7% businesstimes.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstimes.com.sg Daily Mail and Mail on Sunday newspapers.
The Straits Times
The Singapore Exchange Centre in Shenton Way.ST PHOTO: DESMOND WEE
Uma Devi
https://str.sg/Jro9
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The Straits Times
Uma Devi
https://str.sg/JrU8
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