Singapore – Mapletree Industrial Fund Ltd today announced that it has acquired an industrial property from First Engineering Plastics Pte Ltd (“FEP”) for S$21.8million on a sale and leaseback agreement.

The property comprises three buildings with a gross floor area of approximately 14,387sqm on land of approximately 10,815sqm.

Located in the established Woodlands East Industrial Estate, the property is 5 minutes’ drive from the Admiralty MRT station. It is also well connected to major thoroughfares like the Bukit Timah/Seletar Expressways, Sembawang Road and the Causeway to Malaysia.

FEP is a leading manufacturer of high-precision moulds, plastic components and business machines for high technology engineering applications. The company also offers an integrated suite of solutions for the hard disk drive, PC peripheral and automotive industries.

Mr Phua Kok Kim, CEO of Mapletree Industrial Fund Management Pte Ltd said, “We are pleased to have added another quality asset to our portfolio of Asian industrial assets and we look forward to a long and fruitful partnership with First Engineering. This acquisition demonstrates our commitment towards adding good quality industrial assets to the MIF portfolio and growing it into a pan-Asian industrial fund.”