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.
- 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
No comments:
Post a Comment