Advanced Theory & Practice of Bonds

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Singapore-based REIT Mapletree Logistics Trust (MLT) announced via an exchange filing on Monday night that it will be acquiring five South Korean logistics properties for KRW 280bn ($255mn). MLT said that the properties will generate an initial net property income yield of about 4.5%, based on the purchase price, with the transaction expected to be accretive to MLT’s distribution per unit (DPU). The five properties are located in a prime logistics cluster in the south-east of the Seoul Metropolitan Area in the Yongin-Icheon area with a total gross floor area of ~150,000sqm and a weighted average age (by net lettable area) of 4.2 years. The properties are fully leased by four established local third-party logistics firms with a weighted average lease expiry (WALE) of 1.7 years (by net lettable area). Tenants include Dongsan Logistics and TE Logis. MLT’s aggregate leverage would stand at 38.9% with a total portfolio of 161 properties and an AUM of S$10.5bn ($7.95bn) post the acquisition.

MLT’s SGD 3.65% and 4.18% perps traded stable at 101.64 and 101.32 currently.

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