Mapletree Logistics Trust to sell Australian asset for $25.2m

The property is being sold at 3.7% above its latest valuation.

Mapletree Logistics Trust (MLT) has agreed to sell a logistics property at 365 Fitzgerald Road, Derrimut, Victoria, Australia, for about $25.2m.

The trust’s manager, Mapletree Logistics Trust Management, said the sale price is 3.7% above the property’s latest valuation of $24.7m (A$27m) as at 31 March. The consideration will be paid in cash.

The manager said the divestment took into account the property’s age and limited future development potential.

Proceeds from the sale are expected to provide the trust with additional financial flexibility for future investments, including high-specification modern logistics facilities.

The asset, completed in 2006, was acquired by MLT in 2016 for $16.4m (A$18m) and has been vacant since 1 April following the expiry of its previous lease.

The property comprises two single-storey warehouses with additional office space, a two-storey office building, and a truck servicing workshop. It has a gross lettable area of about 16,114 square metres.

The divestment is expected to be completed by the third quarter of FY26/27. The buyer is an unrelated third party.

HSBC Institutional Trust Services (Singapore) Limited, in its capacity as trustee of MLT, entered into the sale agreement through an indirect wholly-owned sub-trust established in Australia.

Following the sale, MLT’s portfolio will comprise 170 properties.

$1 = A$1.09

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