Mapletree Logistics Trust Management has acquired five floors of the Tai Sang Shatin Warehouse Centre in Sha Tin for HK$66million.
The Singapore company has signed a conditional sale and purchase agreement to buy the fifth to the ninth floors of the building, offering a total warehouse space of 71,030 square feet. Ever Gain Company, the vendor, will lease back the property for five years.
The building in the Sha Tin industrial district was built in 1989 and is the fifth Sha Tin property in which Mapletree has invested. The acquisition boosts its total warehouse space in the area to 1.75 million sqft. Chua Tiow Chye, chief executive of the trust, said: 'With a suite of properties in this vicinity we have the capacity and flexibility to meet tenants' various needs. This consolidates our position as a leading logistics real estate solution provider in the area.'