Mapletree has bought its first logistics property in Brisbane, lifting the total value of its logistics assets in Australia to SGD600m (€381m).
Mapletree, the property investment arm of Singapore’s state investment fund, said it has acquired a Coles Distribution Centre for AUD105m (€65m). Australia now accounts for 9% of Mapletree’s global portfolio.
Ng Kiat, the chief executive officer of the manager, Mapletree Logistics Trust Management, said the acquisition brings MLT’s portfolio in Australia to 10 properties and will lengthen the Australian portfolio’s weighted average lease expiry to 4.3 years.
With fixed annual escalations, she said, the acquisition will provide stable and growing income for unitholders.
Mapletree has been looking to build up its presence in Australia’s logistics sector for the best part of this decade, competing, at times, head-to-head with its Singapore compatriots, including Ascendas-Singbridge.
Among recent Mapletree purchases is a collection of four warehouses from the Sydney funds manager, Altis Property Partners.