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Mapletree acquires CEVA warehouse

CEVA website
CEVA website

By: Staff Journalist, Singapore
Published: Jan 27, 2010

WAREHOUSE    LOGISTICS

Singapore - Singapore-based Mapletree Logistics Trust has acquired supply chain management company CEVA's warehouse in Changi for US$27.24 million.

CEVA Freight will initially lease back the warehouse for five years, with a rental escalation of 2% per annum from the second year onwards, with an option to extend for another 5 years.

Completion of sale is expected to be completed in the first quarter of this year.

The acquisition is fully funded by proceeds from the trust's recent private placement of 115 million new units in November last year.

15 Changi South Street 2 consists of a fully air-conditioned five-storey warehouse facility with ancillary offices and basement carpark. It will have a Gross Floor Area of 23,176 sq m and is on leasehold land expiring in October 2044.

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