Acquisition of Shatin 5 property, Hong Kong 10 Jul 2007
Agenda Details of the property: No. 6 Wong Chuk Yeung Street, Shatin, New Territories, Hong Kong 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
Shatin 5 property Purchase Price : HK$66 million (approx. S$13 million) Valuation: HK$70.4 million (approx. S$13.7 million) by DTZ Debenham Tie Leung Limited, dated 21 st Jun 2007 Land tenure : Expiring 30 Jun 2047 Land area : 4,370 sqm (approx.) GFA : 6,599 sqm (approx.) Vendor : Ever Gain Company Limited Lease terms : Sale and Leaseback to vendor for 5 years from the date of completion of sale Shatin 5 property comprises warehouse spaces located from 5/F to 9/F of a 19-storey warehouse / industrial building. It is situated in Fo Tan, Shatin, an established industrial area in Hong Kong. It is located midway between the Shenzhen-Hong Kong border and the container terminal in Kwai Chung. 2 Outgoings: Landlord is responsible for (a) periodic expenses, repair, and replacement of structural building parts of the Property, and (b) payment of the other fees and expenses as and when charged under the DMC 1 for the cumulative amount that is in excess of HK$1 million (tenant to be responsible for up to HK$1 million) during the Lease Term. 1 DMC Deed of Mutual Covenants 2
Acquisition is DPU-accretive Shatin 5 property Total Return (over 10 years) 9.9% DPU impact 1 (proforma annualised impact) 0.01 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
Tenant concentration Top 10 Tenants of the Entire Portfolio by Gross Revenue for the Month of March 2007 6% Pre-Acquisition Post-Acquisition 5% 4.9% 4.3% 4% 4.0% 4.0% 3.6% 3.5% 3.5% 3.5% 3% 2.6% 2.6% 2.2% 2.2% 2% 1.6% 1.6% 1.6% 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 Atsugi Centre tenant DG Logistik Pre-Acquisition (portfolio of 66 properties, including announced acquisitions) Post-Acquisition (portfolio of 67 properties, including announced acquisitions and Shatin 5 property) 4 4
Asset mix Before the acquisition Gross Revenue Contribution by Trade (Pre-Acquisition) After the acquisition Gross Revenue Contribution by Trade (Post-Acquisition) Industrial Warehousing 11.3% Oil & Chemical Logistics 4.1% FTZ 3PL 4.4% Industrial Warehousing 11.2% Oil & Chemical Logistics 4.1% FTZ 3PL 4.3% Distribution Centre 24.3% Non-FTZ 3PL 49.9% Distribution Centre 24.2% Non-FTZ 3PL 50.2% Food & Cold Storage 6.1% Food & Cold Storage 6.0% (1) Pre-Acquisition (portfolio of 66 properties, including announced acquisitions); Post-Acquisition (portfolio of 67 properties, including announced acquisitions and Shatin 5 property) (2) Shatin 5 property has been classified under the Non-FTZ 3PL category. (3) The charts Gross Revenue figures are computed for the month of March 2007, assuming that all new acquisitions announced after March 2007 have contributed to the total gross revenue for the month. 5 5
Average lease duration Lease Expiry Profile by Gross Revenue (for the Month of March 2007) 40% Pre-A c quis ition Post-Acquisition 37.6% 37.3% 35% 30% 25% 20% 16.7 % 16.6 % 15% 13.3 % 13.2 % 10% 9.6% 9.5% 6.9% 6.8% 9.4% 10.0 % 6.3% 6.2% 5% 0% 2007 2008 2009 2010 2011 2012 Expiring after 2012 Pre-Acquisition (66 properties) Post-Acquisition (67 properties including Shatin 5 property) Weighted average lease term to expiry 5.6 years 5.6 years 6 6
Unexpired lease of underlying land Remaining Years to Expiry of Underlying Land Lease 50% Pre-A c quis ition Post-Acquisition 45% 44.2% 44.1% % of Total Lettable Area 40% 35% 30% 25% 20% 15% 10% 14.3 % 14.6 % 29.6% 29.5% 7.8% 7.8% 5% 0% 0.7% 0.7% 3.4% 3.4% 0-20 yrs 21-30 yrs 31-40 yrs 41-50 yrs 51-60 yrs > 60 yrs Pre-Acquisition (66 properties) Post-Acquisition (67 properties including Shatin 5 property) Weighted average of unexpired lease term of underlying land 151.1 years 150.7 years * For computation purposes, land tenure for freehold property is assumed to be 999 years 7 7
Geographical allocation of portfolio Before the acquisition Country Allocation - By Gross Revenue (Pre-Acquisition) Malaysia 6% China 7% Japan 12% Singapore 50% After the acquisition Country Allocation - By Gross Revenue (Post-Acquisition) Japan 12% China 7% Malaysia 6% Singapore 50% Hong Kong 25% Hong Kong 25% (1) Pre-Acquisition (portfolio of 66 properties, including announced acquisitions); Post-Acquisition (portfolio of 67 properties, including announced acquisitions and Shatin 5 property) (2) The charts Gross Revenue figures are computed for the month of March 2007, assuming that all new acquisitions announced after March 2007 have contributed to the total gross revenue for the month 8 8
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