Singapore trust Mapletree Logistics to spend $51 mln on buying 2 Vietnam properties
Mapletree Logistics Trust, a Singapore-based logistics real estate investment trust, is set to spend SGD68.4 million ($50.9 million) on the acquisitions of two logistics properties in Vietnam.
In a statement last week, Mapletree Logistics Trust (MLT) said the move also includes the acquisition of a property in Malaysia for SGD157.9 million ($117.5 million). Together, the move would total SGD234 million ($174.1 million), increasing MLT’s portfolio in Vietnam by 21% to 70.4 hectares.
Mapletree Logistics Park Bac Ninh phase 3 in Bac Ninh province, northern Vietnam. Photo courtesy of Mapletree Logistics Trust.
The two Vietnam properties, both grade A logistics facilities, are Mapletree Logistics Park 3 in the southern province of Binh Duong and Hung Yen Logistics Park 1 in the northern province of Hung Yen.
“Strategically located in logistics hubs serving the growing consumption bases in Kuala Lumpur, Ho Chi Minh City and Hanoi, these acquisitions position our portfolio to capture emerging Asia’s growth potential,” said Ms Ng Kiat, CEO of Mapletree Logistics Trust Management, the management unit of MLT.
The move aims to capture values from the continued global supply chain diversification as a result of ongoing impact of the U.S.-China trade war, pandemic disruptions, and rising political pressures, MLT said. Vietnam and Malaysia are key beneficiaries of this structural shift, thanks to their competitive labor costs, skilled workforces and supportive government policies.
Another factor is the Covid-19 pandemic accelerating digital transformation, particularly e-commerce. This rapid rise of e-commerce has bolstered demand for logistics space in prime locations near major cities, MLT added.
Prior to this proposed move, MLT's portfolio in Vietnam included five properties in Binh Duong province and five in the northern province of Bac Ninh.
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