Mapletree Logistics Trust acquires another property in South Korea for $25.2m

The deal will be funded with debt.

Mapletree Logistics Trust has entered into a sale and purchase agreement with Smart Logis Asset Development for the acquisition of Smart Logistics Centre for a purchase consideration of $25.2 million (KRW 21.4 billion).

The acquisition is in line with MLT’s strategy to rebalance its portfolio towards the higher growth markets and to expand its presence in South Korea. 

The property is located in Gyeonggi-do, South Korea’s prime logistics hub. This will be MLT’s tenth property in the area.

The acquisition will be funded by debt and is expected to be completed by December 2014. Upon completion, MLT’s aggregate leverage ratio will be approximately 35.5%, while MLT’s total portfolio will increase to 117 properties with a book value of approximately $4.4 billion.