Mapletree Logistics: Deal to buy Malaysia property lapses due to pandemic

Malaysia ringgit notesMalaysia ringgit notes

Mapletree Logistics Trust’s deal to acquire the Mapletree Logistics Hub located at Port Tanjung Pelepas, Johor Darul Takzim in Malaysia has lapsed due to delays caused by the pandemic’s impact on the country, the trust’s manager said in a filing to SGX Wednesday.

The acquisition was subject to conditions including obtaining written approvals from the Johor Port Authority and the property’s sub-lessor, Pelabuhan Tanjung Pelepas Sdn. Bhd., the statement noted.

“Given the impact of the COVID-19 situation in Malaysia, it has taken more time than expected for the written approvals to be obtained. As a result, the sale and purchase agreement in respect of the proposed acquisition of the Malaysia property has lapsed,” Mapletree Logistics Trust Management, the trust’s manager, said in the statement.

But it added, it remained “keen” on the deal and would continue to work on obtaining the approvals.

In October 2020, the trust had agreed to acquire the property for 402.5 million ringgit, then around S$131.7 million, at a slight discount to the 405 million ringgit valuation set by Knight Frank Malaysia at the time.