MLT to divest two China properties to sponsor-led RMB fund; planned disposal of 39 Changi South Avenue 2 for $16.588 mil

Teo Zheng Long07-22

Given that the RMB fund is an associate of Mapletree Investment, which is also the controlling unitholder of MLT, this proposed divestment is deemed to be an interested party transaction.The manager ...

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MWLP2 consists of four blocks of two-storey ramp up warehouses with a net lettable area of 122,403 sqm on a land area of almost 100,000 sqm.\nGiven that the RMB fund is an associate of Mapletree Investment, which is also the controlling unitholder of MLT, this proposed divestment is deemed to be an interested party transaction. \nHowever, given the aggregate value of all transaction entered into MLT with its sponsor, including this proposed divestment, is less than 3% of MLT's latest audited net asset value and net tangible asset, there is no approval required from MLT's unitholders.\n\"Through the RMB Fund, we can unlock value from mature assets and enhance our financial flexibility to pursue new value-accretive investment opportunities. This enables us to continuously optimise and strengthen our portfolio in support of our strategic priorities, while delivering sustainable long-term value for our unitholders,\" says Jean Kam, CEO of the manager.\nThe manager expects the sales proceeds to be received within six months from the signing of the sales and purchase agreement (SPA) and the proposed divestment is not expected to have a material impact on its net asset value and net property income for FY2027 ending March 31.\nAt the same time, the manager announced the proposed divestment of 39 Changi South Avenue 2 for a total consideration of $16.588 million. The sales price is 20% above the latest valuation of $13.8 million obtained as at March 31.\nCompleted in 1997, it is a three-storey cargo lift warehouse with an ancillary office. It has a net lettable area of approximately 6,129 sqm on a land site of approximately 5,212 sqm. Given its relatively small land area, the manager sees limited potential for redevelopment into a modern, ramp-up logistics facility.\nThe manager says that this proposed divestment is in line with its effort to rejuvenate its portfolio. The proceeds raised from this divestment will be allow the REIT to pursue investment opportunities in modern assets.\nSimilar to the proposed divestment in China, it is not expected to have a material impact on its net asset value and net property income for FY2027. The proposed divestment is expected to complete by 3QFY2027.\nUnits of MLT closed 1 cent lower, or 0.83% down at $1.20 on July 22.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"shareholding","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.48.0","shortVersion":"4.48.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2653797371","isCrawlerRequest":true}