MAPLETREE LOGISTICS TRUST
M44U.SI
Mapletree Logistics Trust - Acquires third logistics property in Vietnam
- Mapletree Logistics Trust (MLT SP) announced the acquisition of Mapletree Logistics Park Phase 2 from its sponsor Mapletree Investments Pte Ltd for VND 339.2b (~SGD 20.6m).
- The property has a remaining lease of 39 years and is located in Vietnam Singapore Industrial Park II, Binh Duong Province, Vietnam. The buildings comprises of four single-storey blocks of multi- tenanted warehouses with mezzanine offices and is 100% leased with a remaining WALE of 1.8 years.
Our view:
- The acquisition is yield accretive with initial NPI yield of 9.9% (compared to portfolio NPI yield ~6%) and is purchased at a 2% discount to the average of 2 independent valuers valuations.
- The acquisition size although small ( < 1% total asset value) is positive as it provides MLT with a direct exposure to growing demand of Vietnam's warehousing and logistics facilites.
- Post-acquisition, Vietnam market will account for nearly 1.9% of total contribution (1.2% previously).
- We maintain our Neutral recommendation with TP of SGD 0.89.
Vijay Natarajan
RHB Invest
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http://www.rhbinvest.com.sg/
2016-09-26
RHB Invest
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