Mapletree Logistics Trust (MLT) is investing S$1.4bn (€912m) to buy a portfolio of logistics properties in China, Japan and Vietnam.
The manager said 13 properties in China would be purchased for S$870m from subsidiaries of Mapletree Investments (the sponsor of MLT) and a subsidiary of Itochu Corporation.
MLT is also acquiring three properties in Vietnam for S$129.9m from a subsidiary of Mapletree Investments.
Separately, the manager proposes to acquire an effective 97% interest in the Kuwana Logistics Centre in Japan in Nagoya, from an unrelated third party for S$416.3m.
The remaining effective interest of 3% in Kuwana will be held by Mapletree Investments Japan Kabushiki Kaisha, a subsidiary of MLT.
Ng Kiat, chief executive officer of the manager, said: “ “The acquisitions in China and Vietnam will expand MLT’s network connectivity in these large growing consumption markets, while the acquisition in Japan will scale up our presence in Greater Nagoya.”
The transactions will be funded through a combination of a S$700m equity fundraising and debt.
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