SINGAPORE (Apr 10): Mapletree Logistics Trust (MLT) has divested five properties in Japan to Godo Kaisha T&C for a total sale consideration of JPY 12.5 billion ($213.3 million) in cash.

The sale consideration is 21% above the latest appraised value of JPY 14.4 billion for all five properties as at Mar 31, 2019. The consideration is also 13% above the original purchase cost (including capital expenditure and other related costs) of JPY 15.5 billion.

Details of the properties

The divestment was completed today. Following which, MLT’s portfolio stands at 137 properties, comprising 52 properties in Singapore, nine in Hong Kong, 16 in Japan, 10 in Australia, 12 in South Korea, 20 in China (50.0% interest in 11 properties), 14 in Malaysia and four in Vietnam. The total value of assets under management is $7.6 billion.

The trust intends to use the proceeds from the divestment to fund committed investments, reduce existing debt, and/or other general corporate purposes.