I decided to go for the latter and today my order for MLT was filled at $1.63 for 10,000 shares. I will now own 20,000 shares, doubling up on my current holdings.
MLT has launched a private placement recently in Apr 2023 at $1.649 per unit to raise S$200m to acquire 8 logistics properties in Japan, Australia and South Korea for S$913.6m, while keeping its gearing below 40%. This is a yield accretive acquisition amidst higher interest costs
I am happy that my purchase cost is slightly below the private placement price of $1.649 paid by the big boys and at 16% above its book value of $1.43. Projecting an annual dividend of $0.09 per unit, the dividend yield is around 5.5%, which is rather decent for a top quality logistics REIT.
This price is also much lower than the $1.69 paid by Blackrock in Feb 2023 to add 1.8m shares for S$3m.
I believe MLT is a resilient, robust REIT which thrives on the booming and growth of e-commerce and logistics demands in the APAC regions. It is a long-term investment for me to generate steady and consistent passive income for many years to come.
See related posts:
Added Mapletree Logistics Trust in first investment of 2021
Applied for Mapletree Logistics Trust Preferential Offering Shares (2020)
Nibbled Mapletree Logistics Trust and Sembcorp Marine
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