Mapletree Logistics Cancels Australia Property Acquisition
December 2, 2020 – Mapletree Logistics Trust announced that the proposed acquisition of a logistics property in Inala, Brisbane, Australia will no longer push through.
“The proposed acquisition is no longer proceeding as certain conditions precedent in the conditional agreement were not fulfilled by 30 November 2020, being the long-stop date,” Mapletree logisitcs said in a statement.
The trust also said that termination of the Proposed Acquisition will not have any material adverse impact on the net asset value or distribution per unit of MLT for the financial year ending 31 March 2021.
Meanwhile, Mapletree also announced that they have completed the proposed PRC and Vietnam acquisitions.
Approximately S$575.8 million (which is equivalent to approximately 89.4% of the gross proceeds of the recent Equity Fund Raising) has been used to partially fund the PRC Acquisitions and the Vietnam Acquisition.
In addition, the gross proceeds from the Equity Fund Raising of approximately S$50.9 million (which is equivalent to approximately 7.9% of the gross proceeds of the Equity Fund Raising) will be used to partially fund the Malaysia Acquisition.
The remaining gross proceeds of approximately S$17.4 million (which is equivalent to approximately 2.7% of the gross proceeds of the Equity Fund Raising) will be used to pay the professional and other fees and expenses incurred by MLT in connection with the Acquisitions and the Equity Fund Raising.
For the full statement on cancellation of the Australia property acquisition, click here..
To read more about the PRC and Vietnam acquisitions, click here..