22nd Jan 2008
SINGAPORE: Mapletree Industrial Fund Ltd (MIF) is acquiring four properties at the Tampoi Industrial Estate from two related Malaysian investment and construction companies, Tangkai Jaya Sdn Bhd and Setegap Jaya Sdn Bhd, for RM61.5 million on a sale and leaseback arrangement.
In a statement on Tuesday, MIF said it had signed two separate agreements with Tangkai and Setegap to acquire the properties. It said the properties consisted of four double-storey purpose-built detached factory buildings with a total gross floor area (GFA) of about 406,250 sq feet. Each of the four properties is subleased to individual tenants, Enplas Precision (M) Sdn Bhd, MCE Technologies Sdn Bhd and Celestica Electronics (M) Sdn Bhd, with Celestica Electronics occupying two buildings. "One of the more established industrial estates in Johor Bahru, the Tampoi Industrial Estate enjoys good access to road, sea and air transport nodes. The properties are located 10 kilometres north of Johor Bahru city centre; while the Senai Airport and the Port of Tanjung Pelepas are just a 30-minute drive away," it said. Mapletree Industrial Fund Management Pte Ltd (MIFM) chief executive officer Phua Kok Kim said: “This acquisition has enabled the MIF to increase its portfolio of good quality industrial assets in Malaysia, thus highlighting our commitment towards growing the MIF into a pan-Asian industrial fund.” “The properties are well positioned to benefit from their location within the burgeoning Iskandar Development Region, which forms the nucleus of a dynamic economic and growth region in Malaysia’s southern region,” he added. MIF is a private real estate fund which invests in industrial real estate across Asia for yield and capital appreciation. It is managed by MIFM, a wholly-owned subsidiary of Mapletree Investments Pte Ltd. MIF completed its first closing in November 2006 at US$310 million (RM1.02 billion) with Bahrain-based Ahli United Bank’s AUB Pan Asian Industrial Fund as a cornerstone investor.
