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| | | | | | | SINGAPORE : Mapletree Logistics Trust has agreed to buy a warehouse-cum-office property at Marsiling for S$18 million.
The seller is Winstant & Co, an engineering hardware trading firm.
The property, located at 6 Marsiling Lane, has been acquired on a sale and leaseback basis.
It will be leased back to Winstant for seven years, with an option to extend for a further seven years.
MapletreeLog says the acquisition will be accretive to its distribution per unit.
It also says the pro forma financial effect of the acquisition on the DPU for the financial year ended 31 December 2005 would be an additional 0.10 Singapore cents per unit.
Mapletree Logistics Trust Management, the manager of the trust, says the deal is consistent with its strategy of strengthening the trust's portfolio in its core market in Singapore.
The tenants currently occupying the premises at 6 Marsiling Lane include Borneo Motors, one of Singapore's major car distributors, and ABB Industry, a unit of the New York Stock Exchange-listed ABB Group.
The property comprises three blocks of industrial warehousing-cum-office and a two-storey office building.
It is located within the industrial and warehousing cluster in Marsiling.
The property has a floor area of about 16,207 square metres.
There are 32 years left to its lease. - CNA /ls |
