Mapletree Investments says its wholly owned subsidiary, Mapletree Industrial Fund Management Pte Ltd (MIFM), will buy two industrial properties in Mal

Mapletree Investments says its wholly owned subsidiary, Mapletree Industrial Fund Management Pte Ltd (MIFM), will buy two industrial properties in Malaysia for a total of RM171.5 million (S$75.7 million) - the first regional acquisitions for Mapletree Industrial Fund.

MIFM will buy the first property, in Johor Technology Park, for RM80 million and the second 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 Malaysian vendors - Classic Advantage Sdn Bhd and Iris Technologies (M) Sdn Bhd respectively - taking long leases on the properties.

‘These acquisitions are an important part of our strategy to expand our investments beyond Singapore for Mapletree Investment Fund,’ said Mapletree chief executive officer, Hiew Yoon Khong. ‘These acquisitions will help us gain a foothold in Malaysia. We will continue to look for quality industrial properties here and across Asia to invest in and grow Mapletree Investment Fund into a truly pan-Asian industrial fund.’

MIFM CEO Phua Kok Kim said: ‘The property at the 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 would complement the manufacturing industries located in the Johor Technology Park.’

‘The property at the 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 and knowledge-based industries,’ Mr Phua added.

Source: The Business Times, 12 July 2007