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Joelton
Supreme |
21-Aug-2021 19:36
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Mapletree Logistics Trust unit enters new agreement to acquire logistics facility in Malaysia
Mapletree Logistics Trust (MLT) has entered into a new sale and purchase agreement to acquire Mapletree Logistics Hub - Tanjung Pelepas for RM404.8 million (S$130.2 million) after an agreement lapsed.
In a filing to the Singapore Exchange on Friday, it said that the new conditional sale and purchase agreement had been entered into by Semangkuk 2, a bankruptcy-remote special purpose vehicle incorporated in Malaysia, with Trinity Bliss. Trinity Bliss is a company indirectly owned by Mapletree Investments (MIPL) and Itochu Corporation, with MIPL holding 80 per cent and Itochu the rest.
As such, Trinity Bliss is a subsidiary of MIPL, which is also considered a controlling unitholder of MLT.
The trust' s manager intends to finance the total acquisition cost through a combination of the proceeds from an equity fund raising carried out in October 2020 and November 2020, a drawdown of debt facilities and the issuance of senior asset-backed securitisation medium term notes.
The RM404.8 million price tag represents a discount of about 0.05 per cent and 1.27 per cent to two independent valuations carried out by Knight Frank Malaysia and First Pacific Valuers Property Consultants respectively.
The total acquisition cost works out to S$132.2 million, when taking into account the acquisition fee payable - or 0.5 per cent of the acquisition price - in units of MLT to the trust' s manager as well as other fees and expenses arising from the acquisition.
In June, MLT had announced that the sale and purchase agreement relating to the proposed acquisition of the property in Malaysia had lapsed, as the pandemic had resulted in taking a longer time than expected for the vendor to obtain written approvals of the Johor Port Authority and Pelabuhan Tanjung Pelepas, the sub-lessor of the property.
After the acquisition, MLT' s aggregate leverage ratio will increase from 38.2 per cent to 39 per cent.
The trust' s manager said that the acquisition of the modern Grade A logistics facility will benefit unitholders by strengthening MLT' s network connectivity as well as allowing it to establish a presence in Malaysia' s port of Tanjung Pelepas, which is a regional distribution hub.
The property comprises a block of single-storey warehouse with mezzanine floor offices, and two blocks of double-storey ramp-up warehouses with mezzanine floor offices as well as other ancillary buildings, for a total net lettable area of 131,986 square metres. As at June 30, 2021, it had a committed occupancy rate of 95 per cent, while its leases had a weighted average lease expiry by net lettable area of about 3.5 years, with built-in annual rental escalations.
The acquisition is expected to be accretive, with an initial net property income yield of 5.4 per cent, based on the acquisition price.
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PhillipTan
Supreme |
16-Aug-2021 09:27
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S-Reits' recent acquisitions further entrench diversityIn the first seven months of 2021, S-Reits have announced asset acquisitions exceeding S$7.5 billion in total purchase consideration.Several acquisitions announced during the period were in assets such as data centres, logistic warehouses, and office buildings. In addition, the majority of acquisitions that were announced were outside of Singapore, further entrenching Singapore' s position as a global Reit hub - over 80 per cent of S-Reits' portfolios have assets that are internationally diverse. Recent S-Reit acquisitions that were announced in the month of July totalled S$323 million in purchase consideration and were by Ascendas India Trust, Keppel DC Reit, Keppel Pacific Oak US Reit and Mapletree Logistics Trust. Three out of four were overseas acquisitions and two out of four were data-centre-related acquisitions. Mapletree Logistics Trust announced on July 9 that it was granted an option to purchase a logistics property in Singapore at 9 Changi South Street. While the purpose-built facility will be sold with vacant possession, the Reit manager is in talks with an international 3PL to lease the property as an anchor tenant. The Reit believes that the property is well-poised to benefit from Singapore' s position as a key logistics hub and is an accretive acquisition with an expected stabilised property income yield of approximately 6.2 per cent. |
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PhillipTan
Supreme |
14-Aug-2021 03:10
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Mapletree Logistics Trust to buy cold-storage facility in Melbourne for A$42.8mThe manager of Mapletree Logistics Trust (MLT) has proposed to acquire a fully-leased, freehold cold-storage facility in Australia for A$42.8 million (S$42.8 million).At this purchase price, the acquisition is expected to generate an initial net property income yield of 4.3 per cent, and will be accretive at the distribution level, the real estate investment trust' s (Reit) manager said. The property was valued at A$43 million by Knight Frank as at June 21, 2021, based on the capitalisation and discounted cash flow methods. Following this deal, MLT will have five logistics assets in Melbourne and a total of 13 assets in Australia with more than A$870 million in assets under management and 352,400 square metres (sq m) of leasable space. The property in the proposed acquisition is located in the inner west precinct of Melbourne, near the Reit' s existing four properties. Spanning a total net lettable area of about 14,747 sq m, the facility has five blocks of cold and freezer warehouse, ambient warehouse, office space and other amenities. It is 100 per cent leased to Austco Polar Cold Storage, a wholly-owned subsidiary of Australia-listed Wingara, for the storage, packaging and export of red meat products. The Austco lease at the property will last the next 13 years with annual rent escalations. It will thus provide MLT with a stable and growing income stream backed by an established tenant, the Reit manager said. The acquisition will be fully funded by debt and is expected to be completed by Q3 FY2021/2022, subject to conditions precedent being fulfilled. Upon completion, MLT' s aggregate leverage ratio is estimated to be 38.7 per cent. The Reit manager described the inner west precinct of Melbourne as " a location of choice for users from the logistics, light manufacturing and food distribution industries" due to its connectivity to major arterial routes and proximity to the city centre and the Port of Melbourne. The strong growth in the e-commerce, food and grocery sectors last year has supported robust demand for cold-storage facilities, MLT' s manager said. Nonetheless, Australia still has a relatively low supply of such facilities as compared to other developed markets, it added. Units in MLT dropped about 1 per cent or S$0.02 to close at S$2.09 on Friday, before the announcement. |
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PhillipTan
Supreme |
31-Jul-2021 00:25
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DBS stays positive on Mapletree Logistics Trust given ' robust fundamentals' and accretive acquisitionsDBS Group Research analysts Derek Tan and Dale Lai have kept their " buy" call and target price of $2.35 for Mapletree Logistics Trust (MLT) in a July 28 research note." MLT should continue to ride on the robust fundamentals for logistics properties post-Covid," the analysts say. Tan and Lai believe MLT has taken significant steps to become one of the leading logistics solutions providers, with more than $2 billion worth of deals done in the past few years. They expect MLT to continue making accretive acquisitions, supported by a low cost of capital and significant pipeline. " MLT has over circa four million sqm of properties available for acquisition from its sponsor," they point out. Around 60% are properties in China, which are currently in different phases of development and leasing. Overall, the analysts are upbeat on the REIT' s prospects and anticipate tailwinds ahead. " We are optimistic that MLT can deliver on both organic and inorganic growth and with c.42% of its tenants in multilocations, MLT is well placed to ride on the burgeoning growth in Asia' s logistics sector," they say. As at 4.21pm, units in MLT are trading 1 cent or 0.47% lower at $2.13. |
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PhillipTan
Supreme |
21-Jul-2021 16:37
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Mapletree Log Trust expected to stay resilient despite moderation in acquisitionsAs Mapletree Logistics Trust runs into cap rate compressions in key markets, inorganic growth through portfolio acquisitions would be tougher to find even as continued demand for logistics space is expected to help the real estate investment trust (Reit) stay resilient, said brokerages in research reports released on Tuesday and Wednesday.OCBC Investment Research noted that MLT' s distribution per unit (DPU) of 2.161 Singapore cents last quarter marked the Reit' s second consecutive quarter that it managed to increase the DPU by more than 5 per cent on a year-on-year basis. However, as MLT faces cap rate compression across a number of its key markets, such as Australia, Hong Kong and Japan, acquisition opportunities would be tougher to find as these tend to come at a premium. Therefore, MLT may look at acquisitions worth around S$400 million from third parties in FY2022 and could also explore redevelopment opportunities within its portfolio. These could then be partially balanced by around S$100 million to S$200 million of divestments in China, South Korea and Singapore. OCBC maintained " hold" on MLT with a fair value estimate of S$2.10. Jefferies equity analyst Krishna Guha said that MLT may also look for off-market deals in Japan, aggregate smaller assets in Australia and Singapore and look beyond established logistics hubs in South Korea as the acquisition environment becomes tougher. He continued to maintain " buy" on the Reit, albeit at a lower target price of S$2.35, down from his earlier target price of S$2.40. Aside from the Reit' s acquisition outlook, brokerages also noted that MLT achieved positive rental reversion of 2.2 per cent for new and renewed leases in the first quarter of FY2022, which were driven by positive reversions in Vietnam, Hong Kong and Singapore. Portfolio occupancy improved 30 basis points to 97.8 per cent as well, driven by higher occupancies in South Korea and China. UOB Kay Hian (UOBKH) analyst Jonathan Koh said that while the logistics space remains resilient, tenants with exposure to the retail sector are cautious of the risks posed by the new Delta variant of Covid-19 to the pace of reopening and recovery. " MLT will focus on maintaining stable occupancies, giving priority to tenant retention and adopting a prudent approach for capital management," he said. Thus, UOBKH maintained " hold" on MLT with a target price of S$2.08 on the back of its unattractive distribution yield of 4 per cent. Similarly, Maybank Kim Eng (Maybank KE) analyst Chua Su Tye said while MLT' s retail sector occupiers take a wait-and-see approach, the Reit is looking to drive rental upside from its higher value tenants in the next nine to 12 months. " We expect its occupancies to remain resilient, as demand continues to be driven by e-commerce tenancies and third-party logistics," he said. Noting the potential for further rejuvenation opportunities in Singapore, Maybank KE maintained " buy" on the Reit and raised its dividend discount model-based target price to S$2.35 from S$2.25. Units of MLT were trading flat at S$2.10 as at 3.16pm on Wednesday. |
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PhillipTan
Supreme |
21-Jul-2021 02:50
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Maybank Kim Eng raises Mapletree Logistics Trusts' target price to $2.35Maybank Kim Eng analyst Chua Su Tye has kept his " buy" call on Mapletree Logistics Trust, but with an upgraded target price of $2.35 from $2.25 following its " strong" earnings for 1QFY22 ended June 30.On July 19, thanks to higher rental income and contribution from recent acquisitions worth $1.6 billion, MLT reported a distribution per unit of 2.161 cents, up 5.7% y-o-y, which was ahead of consensus estimates. We expect occupancies to stay resilient on the back of steady demand growth, and raised DPUs by 4% on stronger rental assumptions," writes Chua in his July 20 note. During the quarter, MLT enjoyed better rental reversions of 2.2%, a slight dip from the 2.4% gain enjoyed in the preceding 4QFY2021, led mainly by its Vietnam, Hong Kong and Singapore properties. Overall portfolio occupancy increased from 97.5% to 97.8%, and weighted average lease expiry (WALE) was stable at 3.8 years. " We expect its occupancies to remain resilient, as demand continues to be driven by e-commerce tenancies and 3PLs," says Chua. " While its retail sector occupiers have adopted a wait-and-see approach, MLT is looking to drive rental upside from its higher value tenants in the next 9-12 months," he adds. MLT last traded at $2.10, down 0.94% on July 19. |
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Joelton
Supreme |
20-Jul-2021 16:00
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MLT Q1 DPU rises 5.7% amid higher gross revenue
THE distribution per unit (DPU) of Mapletree Logistics Trust (MLT) for the first quarter ended June 30 grew 5.7 per cent to 2.161 Singapore cents amid higher gross revenue during the period.
In an exchange filing on Monday, the manager said gross revenue for the first quarter climbed 23.7 per cent year on year to S$163.7 million, driven by higher revenue from existing properties, contributions from accretive acquisitions completed during the previous financial year, and the completed redevelopment of Mapletree Ouluo Logistics Park Phase 2.
Net property income for the first quarter rose 21.3 per cent year on year to S$144.2 million.
The amount distributable to unitholders rose 19.1 per cent year on year to S$92.7 million, although this amount was spread across an enlarged unit base due to equity fund raising completed in the last financial year.
The manager noted that the amount distributable to unitholders in the prior year' s quarter had included divestment gains of S$4.7 million, which had tapered to S$1.8 million in the latest quarter.
Excluding the divestment gains, adjusted DPU for the latest quarter would have been 10.3 per cent higher year on year, the manager said.
Ng Kiat, chief executive of the trust' s manager, said: " MLT has continued to achieve a steady performance in Q1, underpinned by a diversified portfolio and the resilience of the logistics market."
She added: " The resurgence of infections in the region is a concern, but fortunately, most of our tenants were able to keep their operations stable. We will remain focused on keeping portfolio stability while continuing to strengthen our geographic network across the Asia-Pacific, to deliver long term returns to unitholders."
MLT' s portfolio occupancy improved to 97.8 per cent as of end-June, up from 97.5 per cent in the previous quarter.
The weighted average lease expiry (WALE) of the portfolio by net lettable area was stable at 3.8 years.
MLT' s manager noted that leases for around 391,517 square meters were successfully renewed or replaced during the quarter, achieving a positive rental reversion rate of around 2.2 per cent.
This was mainly attributable to Vietnam, Hong Kong and Singapore.
MLT' s manager added that the global economy is gradually recovering, aided by vaccination in developed markets, but Covid-19 mutations could slow the pace of recovery, and geopolitical tensions remain a risk.
Even so, it said that demand for warehouse space in its markets has " remained resilient to date, with stable occupancy and rental rates" .
The manager added that it continues to focus on maintaining stable occupancy rates, prioritising tenant retention and working closely with tenants to navigate through this uncertain period.
Total debt outstanding decreased by S$38 million to S$4.19 billion during the quarter, mainly due to lower net translated foreign currency loans.
As of end-June, MLT had a gearing ratio of 38.2 per cent, and an average debt duration of 3.7 years.
Total assets at quarter-end stood at S$11.15 billion, with total liabilities of S$5.06 billion. Net asset value per unit stood at S$1.32, down from S$1.33 in the previous quarter.
MLT will pay the DPU of 2.161 cents on Sept 7. The record date is July 28.
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Lobster
Elite |
16-Jul-2021 18:11
Yells: "Even Adam Khoo believes in the Black Market!" |
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With the highest number of foreign REITs listing in the world, Singapore has the largest REITs market In Asia (excluding Japan). Recognised as a global REITs hub, the REITs market accounts for over 12% of Singapore Exchange (SGX) total market capitalisation. After taking a hit in 2020 from the pandemic, the Singapore REITs (S-REITs) market has seen a gradual recovery on the prospect of moving towards a vaccinated world. During the first half of 2021, S-REITs generated a total return of 8.9%. For investors who want to invest in REITs for dividend income, there are multiple REIT options that you can consider. Among them, Mapletree Investments Pte Ltd owns the most S-REITs listing with a combined market capitalisation of $27 billion
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PhillipTan
Supreme |
10-Jul-2021 00:14
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Mapletree Logistics Trust granted option to buy a warehouse building in ChangiMapletree Logistics Trust (MLT) has been granted an option to buy a property in Changi for S$24.5 million from RSH Holdings, with the purchase expected to be accretive to its distribution, said MLT' s manager.In regulatory statement to the Singapore Exchange, Mapletree Logistics Trust Management announced that the property is made up of a low-rise temperature controlled warehouse building with ancillary offices which will be sold with vacant possession. The MLT manager stated that it is in talks with an international third-party logistics player to lease as the anchor tenant of the property, which has a gross floor area of about 11,500 square metres and is sited on leasehold land with a balance tenure of about 33.3 years. The acquisition, if it materialises, will be funded by debt and will put MLT' s aggregate leverage ratio at 38.5 per cent. The MLT manager stated that it is expected to generate a stabilised property income yield of about 6.2 per cent based on the purchase price and initial land premium. The counter ended 2.44 per cent higher at S$2.10 on Friday, before this announcement was made. |
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PhillipTan
Supreme |
06-Jul-2021 23:17
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Maybank KE identifies potential ESG winners in economic transitionMaybank Kim Eng is positive that companies like DBS, Venture Corporation and ComfortDelGro offer strategic advantages as Singapore addresses the environmental, social and governance (ESG) challenges in the coming years.In its Singapore ESG Compendium released on Monday, Maybank KE analysts said that the nation faces threats from climate change and social and governance risks from its role as a regional financial centre. Yet, there are also opportunities for companies to reform and be greener as more investors seek sustainable and transparent companies post-pandemic. For instance, the top five performers in the SGX iEdge ESG Leaders index have outperformed their counterparts in the Straits Times Index by 616 per cent in 2020 alone, and by another 124 per cent year to date. Looking at real estate investment trusts (Reits), Maybank KE flagged Ascendas Reit (A-Reit), Mapletree Commercial Trust (MCT) and Mapletree Logistics Trust (MLT) as being well-positioned in ESG factors. While assessing A-Reit, the analysts like that its trustee-manager' s high board independence contributed to the trust' s strong corporate governance. Six out of nine board members are independent, including the chairman. MCT has also stayed relevant by conducting monthly workshops for new employees of its tenants at VivoCity to train them on the mall' s service culture and improving shopper loyalty, said the analysts. As for MLT, analysts said that it is the first Singapore Reit to link its renewable energy generating target to a sustainability-linked loan via a six-year S$200 million facility from OCBC for its rooftop solar installation programme. Units of A-Reit closed up 1.34 per cent at S$3.02, while MCT was at S$2.19, up 1.39 per cent on Tuesday. Units of MLT closed 1.93 per cent higher at S$2.11. |
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PhillipTan
Supreme |
24-Jun-2021 00:32
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S& P agreement for proposed acquisition in Malaysia lapsed amid pandemic situationA sale and purchase agreement relating to the proposed acquisition of a property in Malaysia has lapsed, said Mapletree Logistics Trust (MLT) on Wednesday, adding that the Reit' s manager remains keen on the acquisition and will continue to work to get the necessary approvals.The proposed acquisition of Mapletree Logistics Hub - Tanjung Pelepas in Johor - is subject to, among other things, the vendor obtaining the written approvals of the Johor Port Authority and Pelabuhan Tanjung Pelepas, which is the sub-lessor of the property. " Given the impact of the Covid-19 situation in Malaysia, it has taken more time than expected for the written approvals to be obtained," said MLT. " The manager remains keen on the proposed acquisition of the Malaysia property and will continue to work closely with the vendor as well as the Johor Port Authority and Pelabuhan Tanjung Pelepas to obtain the necessary approvals." MLT had announced in October last year that it planned to acquire the asset for RM402.5 million (S$130.22 million). Units in MLT closed at S$2.05 on on Wednesday, up two Singapore cents or 0.99 per cent. |
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Checkerman
Master |
14-Jun-2021 09:08
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if this counter cannot break $2 will see $1.90 soon
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Checkerman
Master |
29-Apr-2021 11:43
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wow earn big . very lucky plus free dividend
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alimama
Member |
29-Apr-2021 11:39
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HUAT lahhhhhhhhhhhhhhhh........entry price S$1.96 just sold @S$2.02 15 lots
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Joelton
Supreme |
19-Mar-2021 09:25
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Mapletree Logistics Trust completes purchase of 5 properties in South Korea
MAPLETREE Logistics Trust (MLT) has completed the acquisition of five freehold logistics properties in South Korea for 280 billion won (S$334.8 million).
Mapletree Logistics Trust Management, the manager of the Singapore-based property trust, said this in a statement to the Singapore Exchange on Thursday, by way of an update on the purchase announced in February.
It was stated earlier that the properties with a total gross floor area of nearly 150,000 square metres would meet the needs of third-party logistics firms and e-commerce tenants, and will generate an initial net property income yield of about 4.5 per cent.
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Checkerman
Master |
09-Mar-2021 06:32
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Will do the opposite will buy more if the institution ask you to sell
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Stocky901
Supreme |
09-Mar-2021 00:44
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I thought Moody's downgraded CICT last year December? Now JPm upgrades?
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Linnaeus
Member |
08-Mar-2021 23:22
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will add somemore for every 10% drop of my invested price logistics is a good reit with high dividend |
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alanmong
Member |
08-Mar-2021 21:38
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Good to collect more .. please downgrade to more 20 percent
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antifragile
Senior |
08-Mar-2021 19:11
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JPMorgan downgraded Ascendas Reit, Keppel DC Reit, Mapletree Industrial Trust and Mapletree Logistics Trust to " underweight" from " overweight" . | ||||
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