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.
"The proposed acquisition is in line with CLMT's investment objective to deliver long-term and sustainable distribution of income to unitholders by acquiring quality real estate with stable recurring income," it said, adding that distribution per unit is accretive on a proforma basis.
Elmina Logistics Hub, a 40-metre high, single-storey automated warehouse featuring an automated storage and retrieval system (ASRS), is expected 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 handing over 30,000 pallets.
Elmina Logistics Hub is currently being constructed by PTT Development Sdn Bhd (PTTD), a wholly-owned subsidiary of PTT and shall be 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 also said the proposed acquisition would further improve the asset diversification of the overall property portfolio of the company with the inclusion of an additional asset in the logistics sector.
CapitaLand Malaysia REIT Management Sdn Bhd's (CMRM) chief executive officer and CLMT manager Tan Choon Siang said CLMT has announced close to RM330 million in investments in industrial and logistics assets since the expansion of CLMT's investment mandate in 2021.
"We are confident that these acquisitions will further strengthen CLMT's portfolio, positioning it for continued growth," he said.
Meanwhile, PTT said the proposed disposal enables the Group to unlock the value of its investment in the Elmina Property where it is expected to record a net proforma gain from disposal of approximately RM18.47 million.
"This is envisaged to improve the financial position of the Group," it said.