Mapletree Logistics Trust beefs up Vietnamese portfolio

Mapletree Logistics Trust (MLT) announced on Wednesday that one of its trustee units had completed the acquisition of Mapletree Logistics Park Bac Ninh Phase One in Vietnam.
Mapletree Logistics Trust (MLT) announced on Wednesday that one of its trustee units had completed the acquisition of Mapletree Logistics Park Bac Ninh Phase One in Vietnam. PHOTO: MAPLETREE LOGISTICS

SINGAPORE - The manager of Mapletree Logistics Trust (MLT) announced on Wednesday that its trustee HSBC Institutional Trust Services has completed the acquisition of Mapletree Logistics Park Bac Ninh Phase One in Vietnam.

This will transfer the warehouse assets under the trust's sponsor Mapletree Investments to MLT for 339.4 billion dong (S$21 million), an announcement filed to Singapore Exchange said.

"To ensure that the transaction is carried out at an arm's length basis, two independent valuations have been obtained for Mapletree Logistics Park Bac Ninh Phase One… The purchase consideration of 339.4 billion dong is below the valuations provided by the two valuers," MLT manager said.

It added unitholder approval is not required for the transaction, as all of MLT's transactions with its sponsor in this current financial year is less than 5 per cent of the trust's latest audited net asset value.

With the acquisition, the trust's portfolio is expanded to 118 properties, including 52 in Singapore, 22 in Japan, eight in Hong Kong, 11 in South Korea, 14 in Malaysia, nine in China and two in Vietnam, all of which combine to a total book value of around S$4.66 billion.

whwong@sph.com.sg