The manager of Mapletree Logistics Trust (MLT) has announced the completion of the acquisitions of the REF Properties comprising AbleLogis, Bukuk and Dongsan on March 18.

See: Mapletree Logistics Trust acquires five freehold logistics properties in South Korea for $334.8 mil

In addition, it adds that Shinhan Bank, as trustee of the REF and IGIS Asset Management, the REF manager, will enter into a property management service agreement in relation to the REF Properties with Mapletree Korea Management, the property manager of the REF.

Under the agreement, Mapletree Korea, an indirect wholly-owned subsidiary of Mapletree Investments, will provide property management and lease management services for the REF Properties.

The agreement will commence with effect from March 18 and may be terminated by any of the three parties as long as a month’s notice in writing is provided to the other parties.

Get the latest Singapore corporate news stories for FREE

Mapletree Korea will receive a property management fee of 2.0% per annum of all income from the operation of the REF properties, and a lease management service fee of 1.0% per annum of the gross revenue of the properties.

As Mapletree Investments has a 31.27% interest in MLT and is therefore a “controlling unitholder” of the REIT, the entry into the agreement constitutes as an “interested person transaction” under SGX’s listing manual rules.

Units in MLT closed 2 cents higher or 1.1% up at $1.91 on March 18.