March 30 (Reuters) – Singapore-based Mapletree Logistics Trust (MAPL.SI) on Thursday announced plans to acquire a few logistics properties in Japan, Australia and South Korea for a combined value of S$913.6 million ($686.97 million).

The acquisition plan chimes with Mapletree’s strategy to expand its footprint across the Asia Pacific markets, and ramp up its portfolio with more modern logistics assets.

The Asia-focused logistics REIT is in talks to acquire properties in Jiaxing, China for an estimated 1.08 billion yuan ($156.84 million), and is also looking at a potential divestment of a non-core property in Hong Kong for S$100.3 million ($75.37 million).

Mapletree said in a statement that it may consider selective divestment of non-core assets and attempt to redeploy the capital into investments of modern logistics assets with higher growth potential.

The REIT also launched an equity fundraising via private placement to raise proceeds worth S$200 million, according to a term sheet seen by Reuters.

The indicative price range was S$1.610 to S$1.649 per share, according to the sheet. The REIT plans to use the proceeds to fund the acquisitions and repay existing debt.

DBS (DBSM.SI), Citi (C.N), HSBC (HSBA.L) and UBS (UBSG.S) are joint global coordinators and bookrunners of the placement.

($1 = 1.3299 Singapore dollars)

($1 = 6.8862 Chinese yuan)

($1 = 7.8484 Hong Kong dollars)

Reporting by Harish Sridharan in Bengaluru, Yantoultra Ngui in Singapore and Scott Murdoch in Sydney; Editing by Sherry Jacob-Phillips

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