Singapore-listed Logistics Trust (MLT) has acquired a warehouse in Malaysia and two others in Vietnam for a total of S$234m (鈧�161m).
MLT鈥檚 manager Mapletree Logistics Trust Management said the transactions were done at a small discount to the independent valuations of the assets.
The manager intends to finance the proposed acquisitions through a mix of debt and part of the proceeds from divestments in recent quarters.
Ng Kiat, CEO of Mapletree Logistics Trust Management, said the acquisitions would rejuvenate the trust鈥檚 portfolio and they came on the back of divestments of more than S$200m in the year to date.
Ng said the Malaysia and Vietnamese assets were strategically located in logistics hubs serving the growing consumption bases in Kuala Lumpur, Ho Chi Minh City and Hanoi. These acquisitions positioned the listed trust鈥檚 portfolio to capture emerging Asia鈥檚 growth potential, she said.
鈥淎t the same time, developed Asian markets which account for the majority of our revenue base, continue to provide stability to MLT鈥檚 portfolio,鈥� she said.
The latest investments would expand MLT鈥檚 presence in Malaysia and Vietnam, where robust economic growth and increasing urbanisation were expected to boost consumption and underpin demand for logistics space and they would increase MLT鈥檚 exposure in Malaysia and Vietnam from 24 assets to 27 assets.
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