MLT to divest Woodlands Loop property to Advanced CAE
By Brandon Tanoto | Posted: 22 March 2013 2017 hrs
SINGAPORE: Mapletree Logistics Trust (MLT) is set to divest its property at 30 Woodlands Loop to Advanced CAE - a subsidiary of Advance Holdings for S$15.5 million.
The buyer has entered an Option to Purchase Agreement with MLT's trustee, HSBC Institutional Trust.
MLT said the capital released from the divestment will provide it with greater financial flexibility to pursue other attractive investment opportunities offering better yield.
The divestment property was purchased in 2007 for S$10.3 million and valued at S$11.0 million in March 2012.
Meanwhile, MLT said it is expecting a net disposal gain of about S$4.95 million from the divestment, which will be distributed to unit holders.
The real estate investment trust (REIT) added that the divestment is expected to have minimal impact on its net asset value and net property income for FY13/14.
The transaction is expected to be completed by May this year.
- CNA/xq
- wong chee tat :)
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