Mapletree Logistics Trust (MLT) is buying five logistics properties in South Korea’s capital, Seoul, from Mirae Assets Management for KRW280bn (€210m).
Trustees of the assets, Kookmin Bank, sold the portfolio in Yongin-Icheon, which was held in Mirae MAPS Logistics Private Qualified Investor Real Estate Investment Trust No 3, to the trust, part of the Temasek-backed Mapletree Group.
Spanning almost 150,000sqm in total gross floor area on approximately 148,800sqm of freehold land, the five properties are modern warehouses with a weighted average age of 4.2 years.
Ng Kiat, chief executive officer of the manager of MLT, said the acquisitions will increase the trust’s gross floor area in South Korea by 40%, enabling it to better cater to the current and future needs of its customers and to capture growth opportunities in the logistics market.
The incremental assets will raise MLT’s e-commerce revenue exposure in South Korea from 15% to 25%, and its total assets under management to 161 properties, valued at S$10.5bn (€634bn).
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