The manager of Mapletree Logistics Trust has proposed to divest Moriya Centre in Japan for 10.03 billion yen ($95.5 million). The proposed divestment was made via the trust’s trustee, which entered into a sale and purchase agreement (SPA) on Sept 1.
The third party buyer is not an interested party of MLT.
The proposed divestment is said to be in line with the manager’s efforts to rejuvenate its portfolio through the selective divestments of its non-core assets.
Moriya Centre is located in Moriya, Ibaraki and comprises three blocks of four-storey industrial buildings and ancillary offices. The blocks have an average age of 17 years and a total net lettable area (NLA) of 41,713 sqm.
The sale price is 12.2% above the property’s latest valuation of 8.94 billion yen as at March 31.
The divestment is expected to be completed by the 3QFY2023/2024.
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Units in MLT closed at $1.68 on Aug 31.
