Mapletree Log Trust: To acq 2 cold storage warehouses in South Korea. The first is Jungbu Cold Warehouse for KRW33.5m (approx $37.6m) which comprises 3 blks of cold storage warehouses with 3 auxiliary buildings with GFA of 20.8 sqm. It is expected to generate an initial NPI of 9.5%
The 2nd is Dooil Cold Warehouse for KRW30.0b ($33.7m). It also has 3 single-storey cold storage warehouses with 3 auxiliary buildings with GFA of approx 18k sqm. Dooil is expected to generate a yield of 9.9%. MLT's existing South Korea portfolio achieves only an implied property yield of 8.2%.
This is located within logistics cluster of Gyeonggi-do where 70% of distribution centres and warehouses in South Korea are located.
MLT now has indicative yield of approx 7.4%
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