Mapletree Logistics Trust will acquire a portfolio of 17 grade-A logistics in China, Vietnam and Japan for a combined total value of S$1.4bn. The assets have an average age of 1.6 years. 13 of the properties are located in China, amounting to S$870mn. 3 properties are in Vietnam, worth S$129.9mn and 1 in Japan worth $416.3mn.
The 13 new assets in China will be acquired for RMB 1.15bn (S$243.6mn) in cash, while the remaining amount will be via inter-company loans worth RMB 1.77bn (S$380mn) that Mapletree will pay through cash and new units, as well as RMB 1.24bn (S$270mn) in bank loans. For Vietnam’s properties, $14.4mn (S$19.7mn) will be paid in cash, while the rest will be an undertaking of inter-company loans and the Japanese property will be paid for fully in cash. On November 23, Mapletree Trust proposed an equity fundraising of new units to raise proceeds of ~S$700mn of which S$675.5mn will be used to fund the acquisitions, while S$24.5mn will be used to pay for fees and expenses related to the acquisitions and equity fundraising.
Mapletree’s SGD bonds were flat with its 3.7% Perp at 99.66, yielding 3.83%.
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