CapitaLand Malaysia Trust (CLMT) has signed an agreement to acquire a freehold automated logistics property from PTT Logistics Hub 1 Sdn. Bhd. for RM180m (£31m).
The construction of Elmina Logistics Hub is scheduled to be completed in the first half of 2025.
The property, Elmina Logistics Hub, is located within Elmina Business Park, an established industrial and business park in Selangor.
The purchase consideration is in line with the independent market valuation of RM180.5m (£31m) commissioned by MTrustee Berhad (the Trustee for CLMT).
Elmina Logistics Hub is expected to generate an annual gross rent of RM12.3m (£2.17m), with a first-year gross yield of approximately 6.8%.
Following the signing of the sale and purchase agreement, CLMT will also enter into a lease agreement to fully lease the property to Projek Tetap Teguh Sdn. Bhd., an indirect wholly owned subsidiary of PTT Synergy Group Berhad, a company listed on Bursa Malaysia.
The 10-year lease term with built-in rent escalations is expected to provide income stability to CLMT’s portfolio.
CEO of CMRM and the manager of CLMT Mr Tan Choon Siang said: “The acquisition of our first modern automated logistics property enables CLMT to capitalise on the growing demand for such assets that enable customers to enhance operational efficiency, maximise space utilisation and reduce reliance on manual labour.
“CLMT’s strategic move addresses the current market gap in automated warehouses, providing us with the opportunity to scale in this specialised segment. The long-term lease will also provide stable recurring income and improve the resilience of our portfolio.”
