The manager of Mapletree Logistics Trust (MLT) has announced the proposed divestment of a property in Victoria, Australia for A$60 million ($50.4 million) to an unrelated third party.

The property, a single-storey facility of over 19 years with a gross lettable area of around 57,440 square metres (sqm), is located in the regional market of Wodonga, on the border between Victoria and New South Wales. It is currently leased to a single tenant.

The net sale price of A$60.0 million is 7.1% above the latest valuation of A$56.0 million as March 31, and will be satisfied in cash.