Mapletree Logistics Acquires South-Korean Property

in Company news

Mapletree Logistics Trust has announced the acquisition of Wonjin Logistics Centre, in Gyeonggi-do, South Korea, for KRW37.85 billion.

Located near Seoul, the two blocks property built in 2007 and 2018 has a gross floor area of 29,325 m². It is fully leased with a WALE of 4.3 year (by Net Lettable Area) and a Net Property Income yield of about 6.5% based on the transaction price.

The purchase will be funded by debt, which upon completion of the transaction will set the gearing ratio to about 39.2%.