Mapletree Logistics Trust to divest logistics property in Australia for A$60 million
The property in Barnawartha North, on the border between Victoria and New South Wales, is directly accessible to Melbourne, Sydney, Canberra and Adelaide. It is a single-storey facility with a gross lettable area of around 57,440 square metres.
It is leased to a single tenant and operates 24-hours to service Woolworths' network of supermarkets in northern Victoria, southern New South Wales and Canberra.
The net sale price of A$60 million is 7.1 per cent above the latest valuation of A$56 million as at Mar 31, 2025, and will be satisfied in cash.
Jean Kam, the chief executive officer of the manager, said that divestment is consistent with the manager's proactive portfolio rejuvenation strategy, and in line with its ongoing efforts to mitigate single-tenant risk.
'Capital released from the divestment will provide MLT with greater financial flexibility to pursue investment opportunities in high-specification, modern logistics facilities offering higher growth potential,' the manager said in its statement.
The proposed divestment is expected to be completed by Q3 of FY2025. It is not expected to have a material impact on MLT's net asset value and net property income for FY2025.
MLT units closed 0.9 per cent or S$0.01 higher at S$1.16 on Wednesday, before the announcement.
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