Mapletree Logistics Trust

Mapletree Logistics Trust (MLT): Menlo Worldwide Logistics (USD1.7b subsidiary of Con-way Inc) has signed a binding commitment to lease 48,700 sqm at Mapletree Benoi Logistics Hub (MBLH) under a 10-year lease. The contract elevates the company to MLT’s largest tenant (3.6% of monthly gross revenue post-transaction) with space across four properties in Singapore and Hong Kong. Including this commitment from Menlo which accounts for 55% of MBLH’s NLA, the development is now 75% pre-leased with the balance in advanced stages of negotiation. DB maintains a HOLD with Tp of $1.24. MLT current trades at a forward 6.4% yield.