THE trustee of Mapletree Logistics Trust : M44U 0% (MLT) has entered into an agreement with an unrelated third party to divest a six-storey cargo lift warehouse at 8 Loyang Crescent.

In an announcement on Thursday (Aug 10), the real estate investment trust’s (Reit) manager noted that the proposed sale price of S$27.8 million is 17.3 per cent higher than the warehouse’s latest valuation, which was S$23.7 million as at Mar 31, 2023.

The warehouse was completed in 2001 and has a gross floor area of 14,522 square metres (sq m) on a land site of 7,921 sq m.

JTC Corporation has also granted in-principle approval for the transaction, subject to parties complying with the stipulated conditions.

The divestment is scheduled to be completed by the second quarter of FY2024, and is not expected to have a material impact on the Reit’s net asset value and distribution per unit, the manager said.

The move follows a similar divestment that the manager announced on Monday: the Reit’s trustee had entered into an agreement to sell an industrial building in Selangor, Malaysia, for RM60 million (S$17.7 million). 

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MLT units closed at S$1.68, up 1.2 per cent or S$0.02, on Thursday, before the announcement.