Singapore – Mapletree Investments Pte Ltd today announced that Mapletree Trustee Pte Ltd (Mapletree Trustee) has signed a Put and Call Option with Singapore Airport Logistics Center 1 Pte Ltd (SALC 1), a joint venture company of Boustead Projects Pte Ltd, to purchase its logistics property at 70 Alps Avenue for S$35 million.
The building at 70 Alps Avenue is a 2-year old, two-storey ramp up logistics warehouse with a two-storey mezzanine office facility for freight forwarding and contract logistics services. It has a gross floor area of approximately 23,000 sq m and a land area of about 21,000 sq m. It is currently 100% tenanted by top international logistics companies including DHL-Danzas, KWE and MOL Logistics. Upon completion of the acquisition, existing leases will be assigned to Mapletree Trustee.
70 ALPS Avenue is the fourth logistics and warehousing facility that Mapletree had acquired from Boustead. The other three facilities, namely 60 Alps Avenue, 61 Alps Avenue and Tai Seng Avenue, were acquired last year for a total of S$52 million.
The CEO of Mapletree Logistics Trust Management Pte Ltd, Mr Chua Tiow Chye said, “We are pleased to work with Boustead, one of the leading and experienced builders of logistics and industrial properties in Singapore once again. This is a strategic deal for us reflecting our role as the real estate partner to some of the top multinational and logistics companies in the world. We look forward to a synergistic partnership with these international third-party logistics companies, providing efficient infrastructure support for their operations in Singapore and partnering them in their regional expansion.”
Important Notice
This press release is for information purposes only and does not constitute an offer, intended offer, invitation or intended invitation of any securities (including units in a collective investment scheme) by Mapletree or any other entity.
