Mapletree Logistics bought another 3 properties in Japan for $200m, its largest acqn ytd. The group has been on the acqn drive since Dec 09 & purchased 9 assets in Japan, S’pore & Vietnam worth a total of $429m. The latest deal comprises 3 distribution centres with auxiliary office space located in key logistics hubs in the Kanto region and come with an initial yield of 7.3% and fixed lease over 8-10 years. DPU accretion is expected to be higher by 0.3¢.
It will be debt funded, raising gearing from 38.8% to 43.6%, indicating that further acqn growth would require some equity raising. With its regional footprint, diversified portfolio & aggressive expansion, MLT is trading at an attractive FY11 yield of 7.2% and 1.0x P/B.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment