Singapore’s Mapletree buys properties in Malaysia

Posted on | July 13, 2007

By BERNAMA

SINGAPORE: Real estate company Mapletree Investments Pte Ltd announced yesterday that its subsidiary Mapletree Industrial Fund Management Pte Ltd (MIFM) is acquiring two industrial properties in Malaysia for RM171.5 million.

The first deal was signed with Classic Advantage Sdn Bhd, a precision plastic components manufacturer and sub-assembler, for its property at Johor Technology Park for RM80 million.

The second deal was with Iris Technologies (M) Sdn Bhd, a wholly-owned subsidiary of Mesdaq-listed Iris Corporation Bhd, for its property at Technology Park Malaysia in Kuala Lumpur for RM91.5 million. Both deals have been structured on a sale and leaseback arrangement, with the vendors taking a long lease on the properties.

“These acquisitions are an important part of our strategy to expand our investments beyond Singapore for the Mapletree Industrial Fund (MIF),” said Mapletree’s chief executive officer, Hiew Yoon Khong

“Malaysia is an important market for us. These acquisitions will help us gain a foothold in Malaysia,” he said in a statement.

Hiew said the company would continue to look for quality industrial properties here and across Asia to invest in and grow the MIF into a truly pan-Asian industrial fund.

Phua Kok Kim, chief executive officer of MIFM, said that both properties are very high quality industrial assets and located in two of Malaysia’s most important regions.

“The property at Johor Technology Park benefits from its proximity to the University Technology Malaysia campus and the Standards and Industrial Research Institute of Malaysia as synergies and innovations from these two institutions will complement the manufacturing industries located in Johor Technology Park,” Phua said.

“The property at Technology Park Malaysia is also a strategic acquisition for us as it is located within one of Malaysia’s most advanced and comprehensive centres for research and development of ICT (information and communications technology) and knowledge-based industries,” he added.

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