MLT to divest Shanghai logistics park for $61.3m

The sale is expected to be completed by the third quarter of FY27/28.

Mapletree Logistics Trust (MLT) has entered into a sale and purchase agreement for the proposed divestment of Mapletree Northwest Logistics Park (Phase 1 and 2) in Shanghai, China, for $61.3m (RMB323m).

The transaction is expected to be completed by the third quarter of FY27/28, according to a bourse filing.

It is not expected to have a material impact on the trust’s net asset value or net property income for the financial year.

The property, acquired in 2008, comprises two adjacent phases with a combined gross floor area of about 37,558 sq m.

The sale price is in line with the property’s latest valuation of $61.3m (RMB323m) as of 31 March.

MLT’s portfolio is expected to comprise 168 properties following the sale and other previously announced changes.

Following the divestment and other previously announced portfolio changes, MLT’s portfolio is expected to comprise 168 properties.

In a separate filing, the trust plans to expand Prima Limited’s lease at 201 Keppel Road in Singapore by nine months from 30 April 2027 to 31 January 2028

In addition, Mapletree Investments deferred its right under the Mapletree (Prima) Call Option Agreement by nine months, with no other material changes to the agreement.

The trust said it is exploring redevelopment options for the site with authorities as part of the broader Greater Southern Waterfront rejuvenation.

The Keppel Road property sits within the 24-hectare HarbourFront precinct.

$1.00 = RMB5.27

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