Mapletree Logistics Trust in shopping spree
Amid the challenging operating environment, Mapletree Logistics Trust (SGX: M44U) bucked the trend and embarked on yet another round of asset acquisitions, acquiring new logistics assets in Japan, Australia, South Korea and China. Total cost of acquisitions came up to about $1.122 billion.
For a moment, my heart sunk upon seeing the announcement as the thought of another mega rights issue would be on the way crossed my mind. Thankfully, it turned out that the management has opted for a combination of private placement ($200 million) and bank loans ($746.8 million).
The private placement will see placement of between 121,285,000 and 124,223,000 new units at an issue price of between $1.610 and $1.649 per new unit. In connection to the private placement, a distributable income of 2.502 cents per unit will be paid to unitholders for the period from 1 January 2023 to the day immediately prior to the date on which the new units would be issued.
Year-to-date, Mapletree Logistics Trust (SGX: M44U) unit price increased by about 9.5%. The counter was featured in the February SGX Top Ten Institutional Net Buy Stocks, with net buying value of $14.3 million. Looking back, the past one year had been torrid for most S-REITs due to the relentless interest rate hikes by US Federal Reserves.
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