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Mapletree Logistics Trust Divests Singapore and Malaysian Assets

Nov 10, 2023 – Mapletree Logistics Trust has agreed to divest 10 Tuas Avenue 13 in Singapore at S$11.11 million. Separately, it is selling Flexhub and Padi in Malaysia at a total sale price of MYR151.2 million, or approximately S$43.8 million.

Completed in 2008, the Singapore property is a six-storey cargo lift warehouse with a gross floor area of 13,471 square metres (sqm) on a land site of 12,082 sqm. The sale price of S$11.11 million is 15.7% above the latest valuation of S$9.6 million on October 1, 2023.

Flexhub in Senai, Malaysia’s Johor, has a total net lettable area of 63,175 square metres, while Padi, located in Pasir Gudang, Johor, has a net lettable area of 23,717 square metres. Both properties comprise single-storey industrial buildings with annexed office space and have an average age of approximately 22 years. The proposed sale price of MYR125.1 million for Flexhub is 7.4% above the latest valuation of MYR116.5 million as of October 1, 2023, while the proposed sale price of MYR26.1 million for Padi is 16.0% above the latest valuation of MYR22.5 million.