14 January 2014

Mapletree Logistic Trust News - 13 Jan 2014

Mapletree Logistics Trust (MLT) announced to acquire an industrial site located at Johor Technology Park in Zone E of Iskandar Malaysia. To me, it seems as a positive sign to show a move for Singapore REIT to venture in Iskandar Malaysia. 

As there are many factories operated in Senai (basically is more of Electric & Electronic companies such as Flextronics etc. A quick fact for Zone E, it would take about 20 - 30 mins to reach TUAS Second Link via Second Link High way (with a toll located at Lima Kedai & near to Second Link Custom). 

As for as I know, some chocolate factories (e.g. Herseys) have announced their intention to move to Zone E. It will definitely help to create job opportunities in Zone E, and hopefully we could benefit from it. 

Below are the news I extracted:

Mapletree Logistics Trust (MLT): Proposed to acquire an industrial site located at Johor Technology Park in Zone E of Iskandar Malaysia for RM88.5m (S$34.3m), below an average market valuation of RM93.2m. This marks its fourth asset in Iskandar, in line with its focus to scale up presence in Malaysia and to support its customers’ growing demand.

The site comprises seven blocks of single and double-storey industrial warehouses and one office block with a total gfa of 63,750 sqm, well connected to Senai Airport, Tuas Second Link and Port of Tanjung Pelepas, a key transhipment port in the region.

The property is currently leased to a subsidiary of LCTH Corporation Bhd on a 12-year triple-net lease expiring in May 2020, which has sub-leased the property to its customer, a subsidiary of Flextronics International Ltd.
At the purchase consideration, the DPU-accretive acquisition is expected to generate an initial NPI yield of 8.4%, above MLT's implied Malaysia portfolio yield of 7.1%. Subjected to approval, the acquisition will be funded by debt, taking MLT's aggregate leverage ratio to 34.9% (from 34.4%), and expected to be complete by 3QFY14.

ST Engineering: Its electronics arm has secured $593m worth of contracts in 4Q13 for intelligent transportation ($124m), satellite communications and broadband communications ($116m), and advanced electronics and information communications technologies ($353m) solutions

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