Mapletree Logistics Trust (MLT) is acquiring eight logistics assets in Japan, Australia and South Korea for a combined value of S$913.6m (€634m).
The assets are owned by different vendors in all three locations. Those in Seoul and Sydney are being purchased from CBRE Investment Management (Asia Pacific) and the Trust Company respectively.
The six properties in Japan, with an aggregate purchase consideration of JPY66bn (€459m), are being acquired from different vendors.
The Singapore-listed trust said the price agreed to for the Australian property was A$125.7m (€77m). The price for the Seoul property is KRW144.8bn (€103m).
The purchase prices reflected a slight discount to book value of the assets, it said – a discount of about 3.8% for the Japanese portfolio, 2.6% for the Australian asset and 6.1% for the Seoul facility.
The trust said it was also in talks to acquire two properties in Jiaxing, China, for an estimated RMB1.08bn (€145m).
It is also planning to potentially divest a non-core property in Hong Kong for around HK$590m (€69m).
MLT will fund these acquisitions through debt as well as the placement of new units. The trust proposed an equity fund-raising through private placement to raise S$200m.
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