Acquisition of 21 Tai Seng Drive, Singapore Aug 2007

Transcription

1 Acquisition of 21 Tai Seng Drive, Singapore Aug 2007

2 Agenda Details of the property: 21 Tai Seng Drive, Singapore Impact on MapletreeLog Acquisition is DPU-accretive Tenant concentration Asset mix Average lease duration Unexpired lease of underlying land Geographical allocation of portfolio 1 1

3 21 Tai Seng Drive Purchase Price : S$10.38 million Land tenure : Expiring 15 Dec 2050 Land area : 3,054 sqm (approx.) GFA : 6,223 sqm (approx.) Vendor : Trivec Singapore Pte Ltd Lease terms : Sale and Leaseback to vendor for 5 years from the date of completion of sale with option to extend for a further 5 years The property is located along Tai Seng Drive, an established industrial and commercial area in the eastern part of Singapore. The property is easily accessible by the Pan Island Expressway, Central Expressway and the Tai Seng MRT station on the soon to be completed Circle line. Outgoings: Land rent, property tax and routine property maintenance will be borne by the tenant. 2 2

4 Acquisition is DPU-accretive 21 Tai Seng Drive Total Return (over 10 years) 8.9% DPU impact 1 (proforma annualised impact) 0.03 Singapore cents 1. Assuming Mapletreelog had purchased, held and operated the property for the financial year ended 31 December 2006 (based on 41 properties) and that the acquisition is 100% locally debt-funded 3 3

5 Better tenant diversification Top 10 Tenants of the Entire Portfolio by Gross Revenue for the Month of June % Pre-Acquisition Post-Acquisition 5% 4.9% 4.9% 4% 3.9% 3.9% 3.5% 3.5% 3.4% 3.4% 3% 2.6% 2.6% 2.2% 2.2% 2% 1.6% 1.6% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1% 0% Ever Gain Group Zama Centre tenant Teck Wah Industrial Corporation Kyoto Centre Tenant Vopak Terminals Fu Yu Corporation Crescendas Distribution Taiun DG Logistik Atsugi Centre tenant Pre-Acquisition (portfolio of 67 properties, including announced acquisitions) Post-Acquisition (portfolio of 68 properties, including announced acquisitions and 21 Tai Seng Drive) 4 4

6 Asset mix Before the acquisition Gross Revenue Contribution by Trade (Pre-Acquisition) After the acquisition Gross Revenue Contribution by Trade (Post-Acquisition) Industrial Warehousing 12.8% Oil & Chemical Logistics 4.1% FTZ 3PL 4.4% Industrial Warehousing 12.7% Oil & Chemical Logistics 4.0% FTZ 3PL 4.4% Distribution Centre 22.2% Non-FTZ 3PL 50.6% Distribution Centre 22.6% Non-FTZ 3PL 50.3% Food & Cold Storage 5.9% Food & Cold Storage 5.9% (1) Pre-Acquisition (portfolio of 67 properties, including announced acquisitions); Post-Acquisition (portfolio of 68 properties, including announced acquisitions and 21 Tai Seng Drive) (2) 21 Tai Seng Drive has been classified under the Distribution Centre category. (3) The charts Gross Revenue figures are computed for the month of June 2007, assuming that all new acquisitions announced after June 2007 have contributed to the total gross revenue for the month. 5 5

7 Average lease duration Lease Expiry Profile by Gross Revenue (for the Month of June 2007) 40% Pre-Acquisition Post-Acquisition 37.5% 37.8% 35% 30% 25% 20% 15% 13.2% 13.1% 17.3% 17.2% 10% 8.2% 8.2% 7.5% 7.5% 9.3% 9.3% 6.7% 6.7% 5% 0% Expiring after 2012 Pre-Acquisition (67 properties) Post-Acquisition (68 properties including 21 Tai Seng Drive) Weighted average lease term to expiry 5.6 years 5.6 years 6 6

8 Unexpired lease of underlying land Remaining Years to Expiry of Underlying Land Lease Pre-Acquisition Post-Acquisition 50% 45% 44.1% 43.9% % of Total Lettable Area 40% 35% 30% 25% 20% 15% 10% 14.6% 14.5% 29.5% 29.7% 7.8% 7.8% 5% 0% 3.4% 3.4% 0.7% 0.7% 0-20 yrs yrs yrs yrs yrs > 60 yrs Weighted average of unexpired lease term of underlying land Pre-Acquisition (67 properties) years Post-Acquisition (68 properties including 21 Tai Seng Drive) years * For purposes of computation, land tenure for all the freehold properties is assumed to be 999 years 7 7

9 Geographical allocation of portfolio Before the acquisition Country Allocation - By Gross Revenue (Pre-Acquisition) Japan 12% Malaysia 6% China 7% Singapore 50% After the acquisition Country Allocation - By Gross Revenue (Post-Acquisition) China 7% Malaysia 6% Japan 12% Singapore 50% Hong Kong 25% Hong Kong 25% (1) Pre-Acquisition (portfolio of 67 properties, including announced acquisitions); Post-Acquisition (portfolio of 68 properties, including announced acquisitions and 21 Tai Seng Drive) (2) The charts Gross Revenue figures are computed for the month of June 2007, assuming that all new acquisitions announced after June 2007 have contributed to the total gross revenue for the month 8 8

10 Disclaimer The value of units in MapletreeLog ( Units ) and the income from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that Unitholders may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. The past performance of MapletreeLog is not necessarily indicative of its future performance. This release may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representatives examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses, including employee wages, benefits and training, property expenses and governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward looking statements, which are based on current view of management on future events. -END- 9 9