Mapletree Logistics Trust acquires over S$290m of assets in Japan

Separate Sale and Purchase agreements have been entered into for the acquisition of a portfolio of seven dry warehouse facilities from Goodman Japan Limited.

Strategically located within the key logistics hubs across Japan in the Hokkaido, Greater Tokyo, Nagoya and Osaka regions, the logistics facilities serve mainly in-land logistics requirements. MLT said the facilities are relatively young with a weighted average building age of 4.9 years and have an aggregate gross floor area of 124,300 square metres.

“All seven properties are located more than 20 kilometres away from the coastline and have a Probable Maximum Loss value of less than 15%, indicative of a low exposure to tsunami and earthquake risks. Currently, the properties are 100% leased to single users who are engaged mainly in the food and consumer product industries,” said MLT.

At the purchase price of JPY 17.5 billion (~S$292 million), the acquisition is expected to generate a stabilized weighted average net property income yield of about 6.2%. This, according to MLT, compares favourably to the implied net property income yield of 5.6% for its existing Japan portfolio. The properties are leased for the next 5 to 25 years with a weighted average lease expiry of 9.3 years.

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