Mapletreelog achieves significant milestone in South Korea

Mapletreelog achieves significant milestone in South Korea:

• Press Release
• Presentation Slides

Key Points

• Mapletree Logistics Trust Management Ltd. (“MLTM”), as Manager of Mapletree Logistics Trust (“MapletreeLog”), has today signed a Conditional Sale and Purchase Agreement with Korea Port Processing Co. Ltd (“KPPC”) for the acquisition of KPPC Pyeongtaek Centre in Pyeongtaek-si, Gyeonggi-do, South Korea (the “Property”). The Property will be acquired at a purchase price of KRW 75.6 billion (approximately S$85.9 million).
• Comprising two blocks of dry goods warehouses with a total gross floor area of about 100,900 sqm, the Property is one of the largest facilities in the Gyeonggi-do province. There is also potential for organic growth as it has yet to maximise its permissible plot ratio, which will yield an additional  gross floor area of close to 20,000 sqm. This can be tapped upon to meet additional requirements in the future.
• The Property provides an initial net property income yield of 8.6%. The vendor, KPPC, will lease the entire property for a period of 5 years with an annual rental escalation of 3.0%.
• The acquisition is expected to be completed by 3Q 2011. 
• Upon its completion, MapletreeLog’s portfolio will increase to 98 properties and the book value of the total portfolio would be approximately S$3.7 billion. 
• Given the sizeable acquisition, the contribution of South Korea to the total portfolio’s gross revenue is expected to increase from 2.7% to 5.6%. Consequently, KPPC will be the first Korean customer in MapletreeLog’s list of top ten customers; thus further diversifying its customer base.
• MapletreeLog has sufficient financial flexibility and capacity to fund the acquisition. Assuming that the purchase price and other acquisition costs of the Property are fully funded by debt, MapletreeLog’s gearing level will increase to about 41% (after taking into account all acquisitions and divestments announced to date).

Related Posts

• MapletreeLog Q1 2011 Quarterly Earnings Report 
• MapletreeLog acquires Iljuk Gyeonggi Centre in South Korea
• MapletreeLog completes of Acquisition of 44 & 46 Changi South Street 1, Singapore
• Mapletreelog acquires singapore property for S$16.8 million - 2 DEC 2010
• MapletreeLog acquires N S Tang Building - 24 DEC 2010

MapleTreeLog Updated Target Price following Q1 2011 result release

MapleTreeLog Updated Target Price following Q1 2011 result release:

Brokerage	Recommendation	Target Price (S$)	Date
CIMB	OUTPERFORM	1.050	25/04/11
OCBC	BUY	1.000	25/04/11
DBS Vickers	BUY	1.070	25/04/11

 

Latest updates at Stock Target Price.

Related Posts

• MapletreeLog Q1 2011 Quarterly Earnings Report

MapletreeLog Q1 2011 Quarterly Earnings Report

MapletreeLog Q1 2011 Quarterly Earnings Report:

• Press Release
• Financial Results
• Presentation Slides

Key Points

• Distribution per unit of 1.55 cents for 1Q 2011.
• Gross revenue increased by about 21% year-on-year from 1Q 2010 to S$62.2 million, attributed mainly to contributions from the 14 properties acquired during FY 2010. Correspondingly, net property income (“NPI”) reflected an
  improvement of about 19% against 1Q 2010.
• With the full impact of the equity fund raising in October 2010 reflected in this quarter, DPU is maintained at 1.55 cents.
• As at 31 March 2011, MapletreeLog’s portfolio increased to 98 properties with 55 in Singapore, 15 in Japan, 11 in Malaysia, 8 in Hong Kong, 6 in China, 2 in South Korea and 1 in Vietnam. 
• Singapore, Hong Kong and Japan remained the key contributors to the portfolio, contributing close to 89% of MapletreeLog’s NPI.
• Occupancy rate in 1Q 2011 improved marginally to 98.3% compared with
  98.0% in 4Q 2010.
• As at 31 March 2011, MapletreeLog’s borrowings increased to S$1,452 million from S$1,354 million as at 31 December 2010 on the back of recent acquisitions. Correspondingly, MapletreeLog’s aggregate leverage ratio increased from 37.7% to 39.4% as at 31 March 2011.
• NAV Per Unit of S$0.85 as at 31 March 2011.
• MapletreeLog will pay a distribution of 1.55 cents per unit on 30 May 2011 for the period of 1 January 2011 to 31 March 2011. The book closure date is on 3 May 2011.

Author's Note
The DPU of 1.55 cents will be paid on 30 May 2011. Book closure is on 3 May 2011.

The DPU was 1.55 cents in the previous quarter, comprising of advanced distribution of 0.24 cents per unit for the period 1 October 2010 to 14 October 2010 (paid on 29 November 2010), and distribution of 1.31 cents per unit for the period 15 October 2010 to 31 December 2010 (paid on 28 February 2011).


Related Posts

• MapletreeLog Q3 2010 Quarterly Earnings Report  
• MapletreeLog Q4 2010 Quarterly Earnings Report
• Results Release 
• DPU History

MapletreeLog acquires Iljuk Gyeonggi Centre in South Korea

MapletreeLog acquires Iljuk Gyeonggi Centre in South Korea:

• Press Release
• Announcements

Key Points

• Mapletree Logistics Trust Management Ltd. (“MLTM”), as Manager of Mapletree Logistics Trust (“MapletreeLog”), is pleased to announce the acquisition of Iljuk Gyeonggi Centre in South Korea (the “Property”) from Iljuk Gyeonggi Logistics Co. Ltd (“Vendor”) for a consideration of KRW 22 billion (approximately S$25.5 million).
• The Property is located in Gyeonggi-do, approximately 60 km from Seoul. 
• The Property comprises two blocks of 3-storey dry warehouses with a total gross floor area of about 23,400 sqm. 
• At the purchase consideration of KRW 22 billion, the Property provides an initial NPI yield of 9.3%. 
• The Property is leased to Seol Logistics Co. Ltd (“SEOL”) under a master head lease for 5 years with built-in rental escalation of 3.5% per annum. SEOL provides logistics services, including leasing of space to its customers. Its customer base includes well-established listed entities in South Korea such as S1 Corporation (a security solutions company) and Amore Pacific Corporation (a cosmetics company).
• Assuming that the acquisition is fully funded by debt, MapletreeLog’s gearing level is expected to increase to approximately 40%. 
• The acquisition is expected to complete by 2Q 2011. 
• Upon completion, MapletreeLog’s total portfolio will increase to 97 properties with total book value of S$3,609 million.

Related Posts

• Mapletreelog acquires Singapore property at 15A Tuas Avenue 18
• MapletreeLog completes of Acquisition of 44 & 46 Changi South Street 1, Singapore
• Mapletreelog acquires singapore property for S$16.8 million - 2 DEC 2010
• MapletreeLog acquires N S Tang Building - 24 DEC 2010

MapleTreeLog divests 9 and 39 Tampines Street 92

MapleTreeLog divests 9 and 39 Tampines Street 92:

• Press Release

Key Points

• Disposal of 9 Tampines Street 92: new buyer at higher sale price.
• Disposal of 39 Tampines Street 92: another strategic asset divestment.
• Recycling of proceeds into better-yielding asset.
• On 7 December 2010, MapletreeLog entered into an agreement to divest its property at 9 Tampines Street 92 with Trans-cab Services Pte Ltd, with the divestment subject to approval by the relevant authorities. Subsequent to the announcement, the requisite approval was not obtained and accordingly, the sale was not completed. 
• The Manager has, however, secured another buyer for the property at a higher consideration.
• The new buyer, a local IT solutions company, has exercised the option on Friday (8 April) granted by MapletreeLog to acquire the property at 9 Tampines Street 92 at a consideration of S$12.8 million. The property was originally acquired at S$11.2 million and was valued at approximately $12.0 million by Colliers International (Singapore) Pte Ltd. on 1 December 2010. 
• With the higher consideration, MapletreeLog expects to realise a total net disposal gain of about S$1.4 million.
• MapletreeLog has also granted to CK Holdings (2003) Pte Ltd. an option, which was exercised on Friday (8 April), to acquire MapletreeLog’s property located at 39 Tampines Street 92 at a consideration of S$14.7 million.
• Both disposals are subject to approvals by the relevant authorities. 
• A total net disposal gain of approximately S$2.1 million is expected from the divestment of these two properties. 
• Subject to clarification of the tax treatment with the Singapore tax authority, the distribution of the total net disposal gain to Unitholders would result in a one-time increase in the distribution per unit by 0.07 cents – 0.09 cents. Further announcement will be made when the final distributable amount has been determined.

Related Posts   

• MapletreeLog Realises Value on Divestment of Singapore Property for S$12.5 million - 7 DEC 2010
• Mapletreelog acquires Singapore property at 15A Tuas Avenue 18

MapleTreeLog - Date of Result Release for Q1 2011

Updated date of Result Release for Q1 2011:

MapleTreeLog APR 21

Latest Update at Results Release.

Mapletreelog acquires Singapore property at 15A Tuas Avenue 18

Mapletreelog acquires Singapore property at 15A Tuas Avenue 18:

• Press Release
• Presentation Slides

Key Points

• MapletreeLog has acquired a five-storey warehouse cum office building located at 15A Tuas Avenue 18, Singapore from Jian Huang Engineering Pte Ltd for a consideration of S$24.5 million.
• Under the sale-and-leaseback arrangement, the Property will be leased to the Vendor for a period of seven years with a built-in rental escalation of 2% per annum and an option for extension for a further seven years.
• The Manager intends to fund the acquisition using proceeds from planned divestments, details of which will be announced in due course. 
• In the interim, the acquisition will be funded through debt and gearing is expected to temporarily increase to approximately 40%. 
• With this acquisition, MapletreeLog's total portfolio will be increased to 98 properties with a total book value of approximately S$3,609 million.

Related Posts

• MapletreeLog completes of Acquisition of 44 & 46 Changi South Street 1, Singapore
• Mapletreelog acquires singapore property for S$16.8 million - 2 DEC 2010
• MapletreeLog acquires N S Tang Building - 24 DEC 2010

Saizen, MLT update on impact of Earthquake to Japanese properties

Saizen, MLT update on impact of Earthquake to Japanese properties:

• Press Release By MLT
• Press Release By Saizen

Author's Note
The clearer assessment of the potential damage will probably need more time due to breakdown of telecommunications networks and power blackouts. Other REITs that have Japanese properties in their portfolio include Parkway Life Reit and Frasers Commercial Trust. Frasers Commercial Trust has just announced its divestment of Cosmo Plaza, a Japanese property, in Jan 2011, but it still has some other Japanese properties in its portfolio. AIMSAMPI Reit has announced the divestment of its only property in Japan in Feb 2011. The divestment is expected to be completed in Mar 2011.


Related Posts

• AIMSAMPI Reit Sells Asahi Ohmiya Warehouse in Japan Above Book Value 
• FrasersComm Divests Cosmo Plaza in Osaka Japan

CDL H-Trust, Plife, FCT, CacheLog, MapletreeLog Updated Target Price by DBS

CDL H-Trust, Plife, FCT, CacheLog, MapletreeLog Updated Target Price by DBS:

REIT	Brokerage	Recommendation	Target Price (S$)	Date
CDL H-Trust	DBS	BUY	2.300	09/03/11
MapletreeLog	DBS	BUY	1.070	09/03/11
FCT	DBS	BUY	1.730	09/03/11
Plife	DBS	BUY	1.900	09/03/11
CacheLog	DBS	BUY	1.110	09/03/11

Latest updates at Stock Target Price.

A-Reit, MapletreeLog Updated Target Price by OCBC

A-Reit, MapletreeLog Updated Target Price by OCBC:

REIT	Brokerage	Recommendation	Target Price (S$)	Date
A-Reit	OCBC	HOLD	2.200	08/03/11
MapletreeLog	OCBC	BUY	1.030	08/03/11

Latest updates at Stock Target Price.

MapletreeLog Q4 2010 Quarterly Earnings Report

MapletreeLog Q4 2010 Quarterly Earnings Report:

• Press Release
• Financial Results
• Presentation Slides

Key Points

• DPU of 1.31 cents for the for the period 15 Oct 2010 to 31 Dec 2010.
• As at 31 December 2010, MapletreeLog had a portfolio of 96 properties. The 96 properties include 54 in Singapore, 14 in Japan, 11 in Malaysia, 8 in Hong Kong, 6 in China, 2 in South Korea and 1 in Vietnam. Singapore, Hong Kong and Japan remained the key contributors to the portfolio, contributing close to 90% of MapletreeLog’s NPI
• During the year, MapletreeLog completed 14 acquisitions in Singapore, Japan, South Korea and Vietnam. These acquisitions are yield accretive with NPI yields ranging from 7% to 10%. With these acquisitions, MapletreeLog’s total portfolio book value increased by close to 19% to approximately S$3.5 billion.
• As at 31 December 2010, MapletreeLog’s borrowings increased to S$1,354 million versus S$1,093 million last year in view of the acquisitions completed in 2010. 
• Following the deployment of the Equity Fund Raising proceeds, MapletreeLog’s aggregate leverage ratio declined to just below 38% from last quarter.
• On 29 November 2010, MapletreeLog paid a Cumulative Distribution of 1.78 cents in connection with the equity fund raising exercise (as announced on 21 September 2010). The Cumulative Distribution comprised of:
• 1.54 cents per unit for the period 1 July 2010 to 30 September 2010 and
• 0.24 cents per unit for the period 1 October 2010 to 14 October 2010.
• MapletreeLog will pay a distribution of 1.31 cents per unit on 28 February 2011 for the period 15 October 2010 to 31 December 2010.

Author's Note
The DPU of 1.31 cents will be paid on 28 Feb 2011. Book closure is on 28 Jan 2011.

Note that the DPU of 1.31 is not for a full quarter, but for the period 15 Oct 2010 to 31 Dec 2010. There has already been an advanced distribution of 0.24 cents per unit earlier on for the period from 1 Oct 2010 to 14 Oct 2010 due to the equity fund raising exercise (as announced on 21 September 2010).

The DPU was 1.54 cents in the previous quarter.

Related Posts

• MapletreeLog Q3 2010 Quarterly Earnings Report 
• MapletreeLog - Details of cumulative distribution in connection with the recent equity fund raising - 10 NOV 2010
• MapletreeLog's Launch of Equity Fund Raising to raise approximately S$300 million in Capital to Fuel Growth - 21 SEP 2010 

MapletreeLog acquires N S Tang Building - 24 DEC 2010

Mapletreelog expands Singapore portfolio with another acquisition:

• Press Release
• Presentation Slides

Key Points

• MapletreeLog acquires N S Tang Building (the “Property”) located at 36 Loyang Drive, Loyang Industrial Estate, Singapore from N.S. Tang (Pte) Ltd (“N S Tang”) at a purchase price of S$13.8 million. 
• The acquisition was signed and completed on 24 Dec 2010 upon receipt of JTC’s approval.
• Strategic location and good building specifications for aerospace industry use.
• Initial net property yield of 8% on a 5-year sale-and-leaseback arrangement with annual escalation.
• With the addition of this Property, MapletreeLog's total portfolio will increase to 95 properties and its total book value to approximately S$ 3,471 million. 
• This is the last of the four potential acquisitions identified in the recent equity fund raising exercise announced on 21 September 2010 and was
  funded from its net proceeds.

Related Posts

• MapletreeLog completes of Acquisition of 44 & 46 Changi South Street 1, Singapore
• Mapletreelog acquires singapore property for S$16.8 million - 2 DEC 2010

Updated Target Price by DBS

Updated Target Price by DBS:

REIT	Brokerage	Recommendation	Target Price (S$)	Date
CacheLog	DBS Vickers	BUY	1.74	17/12/10
FrasersCT	DBS	BUY	1.11	17/12/10
MapleTreeLog	DBS Vickers	BUY	1.01	17/12/10
CDL H-Trust	DBS Vickers	BUY	2.28	17/12/10
CapitaMall	DBS Vickers	BUY	2.09	17/12/10
PLife	DBS Vickers	BUY	1.84	17/12/10
AscottReit	DBS Vickers	BUY	1.38	17/12/10

Latest updates at Stock Target Price.

MapletreeLog completes of Acquisition of 44 & 46 Changi South Street 1, Singapore

MapletreeLog completes of Acquisition of 44 & 46 Changi South Street 1, Singapore.

• Press Release

Key Points

• Further to its press release dated 2 December 2010 regarding the acquisition of the property at 44 & 46 Changi South Street 1, Singapore for a purchase price of S$16.8 million, Mapletree Logistics Trust Management Ltd., Mapletree Logistics has completed the acquisition on 20 Dec 2010.
• The acquisition was fully funded by proceeds raised in the recent equity fund raising exercise announced on 21 September 2010 (“EFR announcement”). 
• This was one of the Potential Acquisitions as identified in the EFR announcement.

Related Posts

• Mapletreelog acquires singapore property for S$16.8 million - 2 DEC 2010

Updated Target Price by OCBC for various Reits

Updated Target Price by OCBC:

REIT	Recommendation	Target Price (S$)	Date
AscendasReit	HOLD	2.210	10/12/10
AscottReit	BUY	1.380	10/12/10
CapitaComm	HOLD	1.520	10/12/10
CapitaMall	HOLD	2.050	10/12/10
FrasersComm	BUY	0.180	10/12/10
FrasersCT	HOLD	1.500	10/12/10
LippoMapleTrust	BUY	0.590	10/12/10
MapleTreeLog	BUY	1.000	10/12/10
Starhill Gbl	BUY	0.660	10/12/10
Suntec	HOLD	1.500	10/12/10

 
Latest updates at Stock Target Price.

MapletreeLog Realises Value on Divestment of Singapore Property for S$12.5 million - 7 DEC 2010

MapletreeLog Realises Value on Divestment of Singapore Property for S$12.5 million.

• Press Release

Key Points

• MapletreeLog has entered into an agreement to divest its property at 9 Tampines Street 92, Singapore 528871 (the “Property”) to Trans-cab Services Pte Ltd (“Trans-cab”) for a total consideration of S$12.5 million.
• Based on the latest valuation as at 1 December 2010 by Colliers International (Singapore) Pte Ltd, the Property is valued at S$12 million.
• Originally acquired at S$11.2 million, MapletreeLog is expected to realise a total net disposal gain of S$1.2 million with the divestment of this Property, after deducting transaction related costs and expenses. 
• The sale is subject to approval by HDB and is expected to complete by 1Q 2011.
• Upon completion of this divestment, MapletreeLog’s total portfolio will stand at 94 properties with a book value of approximately $3,457 million.  

Author's Note
According to the CEO of Mapletree Logistics Trust Management Ltd, the Property is one of the older assets, its building specifications are now a little outdated and offer limited growth to the portfolio. Following the disposal of the Property, the original capital can be redeploy for newer assets that can generate a better yield.

Related Posts

• Mapletreelog acquires singapore property for S$16.8 million - 2 DEC 2010
• MapletreeLog Expands Singapore Portfolio with Acquisition of Liang Huat Building - 26 NOV 2010
• MapletreeLog Completes Acquisition of 51st Property in Singapore for S$18.3 million - 25 OCT 2010 
• Mapletreelog signs sale & leaseback agreement with Hamakyorex for Distribution Centre worth JPY 1.05 billion

Mapletreelog acquires singapore property for S$16.8 million - 2 DEC 2010

Mapletreelog acquires singapore property for S$16.8 million.

• Press Release
• Presentation Slides

Key Points

• The Manager of MapletreeLog has signed a Put and Call Option Agreement today with JEP Precision Engineering Pte Ltd (the “Vendor”), to acquire its premises at 44 & 46 Changi South Street 1, Singapore (the “Property”) at a purchase price of S$16.8 million.
• The Property comprises two connected single-storey air-conditioned warehouses and an ancillary office. Highly accessible from the Pan-Island Expressway and the East Coast Parkway, the Property is also a 5-minute drive from Changi International Airport.
• The Vendor will lease back the Property for a period of 7 years with an option to extend for a further term of 7 years and rental escalation of 3.75% at the beginning of year 3, 5 and 7.
• The acquisition provides an initial net property yield of 8.7% and the land lease has a balance of 26 years.
• With the addition of this Property, MapletreeLog's total portfolio will increase to 95 properties and its total book value to approximately S$ 3,446 million. 
• The acquisition is subject to approval by JTC and is expected to complete by December 2010. 
• This is the third of the four potential acquisitions identified in the recent equity fund raising exercise announced on 21 September 2010 and will be funded from its net proceeds.

Related Posts

• MapletreeLog Expands Singapore Portfolio with Acquisition of Liang Huat Building - 26 NOV 2010
• MapletreeLog Completes Acquisition of 51st Property in Singapore for S$18.3 million - 25 OCT 2010 
• Mapletreelog signs sale & leaseback agreement with Hamakyorex for Distribution Centre worth JPY 1.05 billion 
• MapletreeLog's Launch of Equity Fund Raising to raise approximately S$300 million in Capital to Fuel Growth - 21 SEP 2010

Starhill Gbl, MapleTreeLog Updated Target Price

Starhill Gbl, MapleTreeLog Updated Target Price:

Starhill Gbl	Kim Eng	BUY	0.800	25/11/10
MapleTreeLog	OCBC	BUY	1.000	23/11/10

Latest updates at Stock Target Price.

MapletreeLog Expands Singapore Portfolio with Acquisition of Liang Huat Building - 26 NOV 2010

MapletreeLog Expands Singapore Portfolio with Acquisition of Liang Huat Building.

• Press Release
• Presentation Slides

Key Points

• The Manager of MapletreeLog has signed a Sale and Purchase agreement and completed the acquisition of the Liang Huat Building at 51 Benoi Road, Singapore at a purchase price of S$55 million.
• The Property comprises six blocks of industrial warehouses, including two ancillary buildings. 
• Strategically located in the Jurong area near the Joo Koon MRT station, it is also well-connected to the Ayer Rajah and Pan Island Expressways.
• The acquisition provides an initial net property yield of 7.8%.
• The vendor, Khai Wah Development Pte Ltd, is a wholly owned subsidiary of Ho Lee Group Pte Ltd (“Ho Lee Group”).
• Currently, 40% of the Property is occupied by companies within the Ho Lee Group while the balance is leased to third parties.
• The vendor will provide rental income guarantee for existing leases that are
  deemed to be below that of the market in the vicinity. 
• The rental guarantee has a yearly escalation of 2% for a period of 5 years. 
• Outgoings such as land rent, property tax and property maintenance of this multi-tenanted facility will also be borne by the vendor during this period.
• With the addition of this Property, MapletreeLog’s total portfolio will increase to 94 properties with a book value of approximately $3.4 billion.
• This acquisition is funded with the proceeds from the recent equity fund raising exercise announced on 21 September 2010 (“EFR Announcement”). 
• This acquisition was one of the four potential acquisitions identified in the EFR Announcement and the second acquisition of the four to be completed.

Related Posts

• MapletreeLog Completes Acquisition of 51st Property in Singapore for S$18.3 million - 25 OCT 2010 
• Mapletreelog signs sale & leaseback agreement with Hamakyorex for Distribution Centre worth JPY 1.05 billion 
• MapletreeLog's Launch of Equity Fund Raising to raise approximately S$300 million in Capital to Fuel Growth - 21 SEP 2010

MapletreeLog - Details of cumulative distribution in connection with the recent equity fund raising - 10 NOV 2010

Details of cumulative distribution in connection with the recent equity fund raising. See press release.

This is further to its announcement dated 21 September 2010 on the Cumulative Distribution Books Closure Date in connection with the equity fund raising.

Key Points

• The actual amount of the Cumulative Distribution for the period from 1 July 2010 to 14 October 2010 is 1.78 cents per unit. 
• This comprises 1.54 cents per unit for the period 1 July 2010 to 30 September 2010 (as announced in the 2010 third quarter financial statement announcement) and 0.24 cents per unit for the period 1 October 2010 to 14 October 2010.
• Unitholders whose securities accounts with The Central Depository (Pte) Limited were credited with units in MapletreeLog as at 5.00 pm on 29 September 2010 will be entitled to the Cumulative Distribution that will be paid on Monday 29 November 2010.

Related Posts

• MapletreeLog Q3 2010 Quarterly Earnings Report