Sazanka Tokutei Mokuteki Kaisha, which is indirectly wholly-owned by Mapletree Logistics Trust (MLT), has entered into a conditional trust beneficial interest sale and purchase agreement with Ajisai TMK, an associate of Mapletree Investments Pte, to acquire the trust beneficial interest of Mapletree Kobe Logistics Center, in the port city of Kobe, south of Tokyo.
The sales price was S$272.5 million ($200.53 million) for MLT to acquire an effective interest of 98.47 percent in the property.
Ng Kiat, CEO of the Mapletree Logistics Trust Management as manager of MLT, said, “This prime class A logistics facility with double rampways will strengthen MLT’s footprint in Japan, an attractive logistics market with a scarcity of class A logistics properties. The property is 99.7 percent leased to a high-quality tenant base and enjoys built-in rental escalations, which will provide a stable and growing income stream for MLT. The property is also expected to provide a NPI yiel
