SINGAPORE - Mapletree Logistics Trust announced on Monday that it is seeking to acquire nine logistics properties in China, Malaysia and Vietnam, and also the remaining 50 per cent interest in 15 properties in China for a total of $1.09 billion.These properties will be purchased from subsidiaries of sponsor Mapletree Investments and subsidiaries of Itochu Corporation.
The properties are said to be located in key logistics hubs of China, Malaysia and Vietnam, and well-connected to transport infrastructure such as highways, railway stations, air and sea ports. They are also near large population catchments - an increasing priority for tenants, especially e-commerce players, because it means operational and cost efficiencies, said the manager.
In aggregate, e-commerce or e-fulfilment tenants account for approximately 58 per cent of the properties' gross revenue.Post-acquisitions, MLT's regional footprint will expand to 51 cities in eight geographic markets with access to an aggregate population base of over 150 million people. However, revenue growth was tempered by rental rebates granted to eligible tenants who were impacted by Covid-19 and the absence of contribution from a property divested in the previous financial year.
The Reit manager said that amid a subdued economic environment due to the pandemic, the portfolio achieved a lower positive rental reversion of approximately 1.5 per cent, from 1.9 per cent in the previous quarter. This was mainly contributed by leases in Hong Kong, Japan, Vietnam and China.
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessTimes - 🏆 15. / 51 Read more »