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Mapletree Logistics Trust Deepens Korea Presence with Acquisitions of Five Logistics Facilities

Mapletree Logistics Trust Deepens Korea Presence with Acquisitions of Five Logistics Facilities

February 16, 2021 – Mapletree Logistics Trust announce the acquisition of interests in a portfolio of five modern, freehold logistics properties located in Yongin-Icheon, South Korea.

The purchase consideration of KRW 280 billion (S$334.8 million) (US$250 million). The Properties are being acquired from Kookmin Bank Co., Ltd., in its capacities as trustee of Mirae Asset MAPS Logistics Private Qualified Investor Real Estate Investment Trust No. 3, and as trustee of Mirae Asset MAPS Logistics Private Qualified Investor Real Estate Investment Trust No. 4.

Ms Ng Kiat, Chief Executive Officer of the Manager, said: “This is an attractive strategic opportunity for MLT to acquire a portfolio of high specifications warehouses that will significantly scale up our competitive positioning.”

“The acquisitions will increase our gross floor area in South Korea by 40%, enabling us to better cater to the current and future needs of our customers and capture growth opportunities in the logistics market.”

Read more here..

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