SG-listed Mapletree Logistics acquiring $1b worth assets in China, Vietnam, Japan

Mapletree Logistics Trust (MLT), the first Asia-focused logistics REIT in Singapore, has announced its proposed acquisition of 17 modern Grade-A logistics assets in China, Vietnam, and Japan for a combined total value of S$1.4 billion (about $1 billion).

In a disclosure, MLT’s manager said the acquisition includes 13 properties located in China and three properties in Vietnam with agreed property values of S$870 million and S129.0 million, respectively.

Separately, Mapletree Logistics is also acquiring a 97% stake in a trust beneficial interest of Kuwana Logistics Centre located in Japan for S$416.3 million. The remaining 3% interest will be held by Mapletree Investments Japan Kabushiki Kaisha.

The China acquisitions will be through subsidiaries of Mapletree Investments and a subsidiary of Itochu Corporation. In Vietnam, the acquisition will be carried out by another Mapletree Investments subsidiary, according to the disclosure.

The China properties are located in key logistics hubs and in close proximity to large population catchments. The acquisition will add three new provinces to Mapletree’s geographical coverage and expand its network to 43 assets in 29 cities.

In Vietnam, the properties are located in the provinces of Bac Ninh and Binh Duong, which serve Hanoi and Ho Chi Minh City, respectively, the largest consumption markets in Northern Vietnam and the largest consumption market in Vietnam, respectively.

MLT said the China and Vietnam properties are high-quality and modern logistics facilities built to Grade-A specifications. The tenant base includes global third-party logistics service providers such as DHL and Damco and regional players including SF Express and Best.

The acquisitions will be partly funded by the equity fundraising of new units in MLT, which is expected to be about S$700 million in gross proceeds.

“The pandemic has highlighted the importance of logistics and placed a greater emphasis on supply chain resiliency, fuelling demand for modern logistics space. The acquisitions… position us well to capture these structural trends,” said Ng Kiat, CEO of MLT.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.