Located at Xi’an Economic & Technological Development Zone in Weiyang District, MXLP is a 50-year-leasehold, 20-year-old warehouse with net lettable area of 22,876 sqm and FY2023 occupancy of 78%. It contributed 0.1% to the trust’s FY2023 revenue and 0.1% to FY2024 assets under management (AUM).
Citi Research analyst Brandon Lee is keeping “buy” on Mapletree Logistics Trust (SGX:M44U
) (MLT) with a target price of $1.58 following the announcement that the trust has proposed sale of Mapletree Xi’an Logistics Park (MXLP).
On June 12, the manager of the REIT said MLT has entered into an equity purchase agreement with an unrelated third-party buyer to divest its 100% stake in MXLP for RMB70.5 million ($13.1 million), a 0.7% premium to its FY2024 valuation of RMB70 million but 21.7% discount to the purchase price of RMB90 million in May 2007.
