Guess who is Mapletree Logistics Trust's largest tenant

It contributes 3.6% of monthly revenue.

According to OCBC, Mapletree Logistics Trust (MLT) announced that Menlo Worldwide Logistics, the subsidiary of NYSE-listed Con-way Inc, has signed a binding commitment to lease 48,700sqm at MLT’s Mapletree Benoi Logistics Hub (MBLH) for a period of 10 years.

This agreement marks the latest expansion by Menlo in Singapore and lifts Menlo as MLT’s largest tenant (contributing 3.6% of MLT’s enlarged monthly gross revenue).

Here's more from OCBC:

Together with Menlo’s commitment which accounts for 55% of MBLH’s NLA, we understand the property is now 75% pre-leased, with the balance in the advanced stage of negotiation.

We are positive on this development as it reflects continued healthy leasing demand and strong interest from major third-party logistics service providers.

Judging from the strong pre-commitment levels, we believe that MLT will be able to meet its estimated yield-on-cost of 8-9% (development cost of ~S$128m). In addition, we expect the long lease to further enhance MLT’s already resilient lease structure.

We make no change to our forecasts as we have previously factored in the redevelopment project. MLT is currently offering a 6.5% current yield, which is relatively attractive in our view.

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