Mapletree Logistics Trust completes purchase of 5 properties in South Korea

The properties will generate an initial net property income yield of about 4.5 per cent.
The properties will generate an initial net property income yield of about 4.5 per cent.ST PHOTO: KUA CHEE SIONG

SINGAPORE (THE BUSINESS TIMES) - Mapletree Logistics Trust (MLT) has completed the acquisition of five freehold logistics properties in South Korea for 280 billion won (S$334.8 million).

Mapletree Logistics Trust Management, the manager of the Singapore-based property trust, said this in a statement to the Singapore Exchange on Thursday, by way of an update on the purchase announced in February.

It was stated earlier that the properties with a total gross floor area of nearly 150,000 square metres would meet the needs of third-party logistics firms and e-commerce tenants, and will generate an initial net property income yield of about 4.5 per cent.

MLT units rose 1.06 per cent to S$1.91 at Thursday close, before the filing was made.