MLT to sell Shanghai property Mapletree Northwest Logistics Park for US$48.2 million

[SINGAPORE] The manager of Mapletree Logistics Trust (MLT) on Monday (Sep 21) said its Mapletree Northwest Logistics Park (Phase 1 and 2) in Shanghai, China is to be sold for 323 million yuan (US$48.2 million), to an unrelated third party.

HSBC Institutional Trust Services (Singapore) – in its capacity as trustee of MLT – has entered into a sale and purchase agreement for the proposed divestment, via its wholly owned subsidiary in China.

A bourse filing noted that the property was acquired by MLT in 2008 and comprises two adjacent phases.

Phase 1 was completed in 2006, and consists of two single-storey warehouses, a three-storey office block and ancillary buildings.

Phase 2 was completed in 2007. It consists of a single-storey warehouse, a four-storey dormitory block and ancillary buildings.

The park has a combined gross floor area of about 37,558 square metres.

MLT’s manager said its sale price of 323 million yuan is in line with its valuation price of 323 million yuan as at Mar 31.

The proposed sale is expected to be completed by Q3 FY2027/2028. MLT’s portfolio will consist of 168 properties after the divestment.

As at Jun 30, the trust has a portfolio of 175 properties in Singapore, Australia, mainland China, Hong Kong, India, Japan, Malaysia, South Korea and Vietnam with assets under management of S$13.1 billion.

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Units of MLT ended flat on Monday at S$1.10 prior to the news.