Mapletree Logistics Trust to pay $686m for logistics properties in Asia Pacific

Singapore-based Mapletree Logistics Trust (MLT) has plans to acquire several logistics properties in Japan, Australia and South Korea for a combined value of S$913.6 million ($686.97 million).

The acquisitions will expand MLT’s logistics footprint in Tokyo, Sydney and Seoul, which have tight supply of logistics facilities and low vacancy rates. Vacancy levels in the logistics submarkets of Saitama Central and Chiba Inland, where the Tokyo properties are located, were 1.1 percent and 5.1 percent, respectively. In Sydney, after two years of record take-up and limited supply, the vacancy rates for industrial and logistics facilities have fallen to record low levels of below 1 percent. The southeast submarket in SMA, where the Seoul property is located, has a vacancy rate of 2.7 percent.

The acquisitions will increase MLT’s exposure in Japan, Australia and South Korea from 52 to 60 assets, from 1.62 million square meters (17.4 million square feet) to 1.95 million squar