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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
Mapletree Logistics Trust to acquire five South Korea logistics properties Staff Reporter
The proposed acquisition is priced at $334.8m.
Mapletree Logistics Trust (MLT) is set to acquire five logistics assets in South Korea for $334.8m (KRW 280b) as it aims to strengthen its portfolio and competitive positioning in the country through the addition of modern, high-quality assets, the company announced.
The facilities to be acquired are Dongsan Logistics Centre, AbleLogis Logistics Centre, CoreLogis Logistics Centre, Bukuk Logistics Centre, and Gwan-ri Logistics Centre. They are modern warehouses with a weighted average age of 4.2 years and span almost 150,000 square metres in total gross floor area.