Mapletreelog value set to grow with new acquisition

Logistics REIT MapletreeLog has acquired another property in South Korea.

Worth 28 billion won ($32 million), the property consists of a three-storey warehouse and a four-storey warehouse. The entire property spans 28,700 square metres.

Its vendor, Multi-Q Logistics, specialises in the storage and distribution of fast-moving consumer goods, said MapletreeLog.

The acquisition is set to boost MapletreeLog’s value with its initial net property yield of more than nine per cent.

This is higher than the 7.7 per cent yield of its first South Korean property. Called Oakline Centre, it was acquired in early 2008.

In addition to the high yield, the two warehouses are located in a well-known warehouse cluster in Seoul.

The acquisition is expected to be complete by the end of the third quarter this year.

Source : Today – 23 Aug 2010

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