Monday, November 27, 2006
[RealEdge] BT : MapletreeLog to buy Marsiling property for $18m
| Published November 23, 2006  | |
| MapletreeLog to buy Marsiling property for $18m MAPLETREE Logistics Trust (MapletreeLog) has sealed a deal to buy a warehouse and office property in the northern part of Singapore for $18 million from Winstant & Co. The property, at 6 Marsiling Lane, has been acquired on a sale-and-leaseback basis. Winstant, whose core business includes trading in engineering hardware, will lease the premises for seven years with an option to extend for a further term of up to seven years. Chua Tiow Chye, chief executive officer of Mapletree Logistics Trust Management Ltd (MLTM), said the deal is in line with its strategy to strengthen the trust's portfolio in Singapore and deliver stable cash distributions to unit-holders through medium to long-term leases. MLTM is the manager of MapletreeLog. The Marsiling Lane property comprises three blocks of industrial warehousing with ancillary offices, plus a two-storey office building. It is in an established industrial and warehousing cluster in Marsiling. Other tenants in the complex include car distributor Borneo Motors, and ABB Industry, a subsidiary of the New York-listed ABB Group. The property was valued at $18.4 million by Chesterton International Property Consultants on Monday. It has a floor area of 16,207 sq m and sits on a leasehold site of 19,347.4 sq m. The land lease expires in 2038. The acquisition is expected to be completed by February 2007. |
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