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.
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Logistics Trust Management Ltd, the Property is one of the older assets, its building specifications are now a little outdated and offer limited growth to the portfolio.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
No comments:
Post a Comment