KUALA LUMPUR: CapitaLand Malaysia Trust (CLMT) has signed an agreement to acquire a freehold automated logistics property from PTT Logistics Hub 1 Sdn Bhd for RM180 million. PTT Logistics Hub 1 is a wholly-owned subsidiary of PTT Synergy Group Bhd (PTT). In a Bursa Malaysia filing, CLMT stated that the property, Elmina Logistics Hub, is located within Elmina Business Park, an industrial and business park in Selangor.
According to BERNAMA News Agency, the proposed acquisition aligns with CLMT’s investment goal to provide long-term and sustainable income distribution to unitholders by acquiring high-quality real estate with stable recurring income. The acquisition is expected to be accretive to the distribution per unit on a proforma basis. Elmina Logistics Hub, a 40-metre high, single-storey automated warehouse featuring an automated storage and retrieval system (ASRS), is anticipated to generate an annual gross rent of RM12.3 million, with a first-year gross yield of approximately 6.8 per cent.
Integral to
modern warehouse management, ASRS is a computer-controlled system that employs cranes and robotics to efficiently automate the placement and retrieval of goods. The property features 19 loading bays with hydraulic dock levellers and is capable of handling over 30,000 pallets. Elmina Logistics Hub is currently being constructed by PTT Development Sdn Bhd (PTTD), a wholly-owned subsidiary of PTT, and is being developed under the approved development order and building plan. The construction of the hub is estimated to be completed by the first half of 2025.
CLMT further stated that the proposed acquisition would enhance the asset diversification of the company’s overall property portfolio by adding an asset in the logistics sector. CapitaLand Malaysia REIT Management Sdn Bhd’s (CMRM) chief executive officer and CLMT manager, Tan Choon Siang, noted that CLMT has announced nearly RM330 million in investments in industrial and logistics assets since expanding CLMT’s investment mandate in 2021. “We are confident th
at these acquisitions will further strengthen CLMT’s portfolio, positioning it for continued growth,” he said.
Meanwhile, PTT indicated that the proposed disposal allows the Group to unlock the value of its investment in the Elmina Property, where it is expected to record a net proforma gain from the disposal of approximately RM18.47 million. “This is envisaged to improve the financial position of the Group,” it stated.