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Mapletree Logistics TrustProposed Acquisition of Two Modern Logistics Properties in India
17 March 2021
Plot No.5, Chakan MIDC Area Phase – II,
Village Khalumbre, Taluka Khed,
District Pune (“Chakan MIDC”)
Plot No. P-12, Talegaon Floriculture and
Industrial Park, MIDC Talegaon, Village
Navlakh Umbre, Taluka Maval, District
Pune (“Talegaon MIDC”)
Description 4 blocks, single-storey
ambient warehouse
2 blocks, single-storey
ambient warehouse
Agreed
Property Value
(INR million)
4,050 500
Valuation4
(INR million)4,179 548
NLA 74,161 13,095
Remaining
Land Tenure3 88 years 86 years
Occupancy 100% 88%
Overview of the Proposed Acquisition
1
Weighted Average
Lease Expiry by revenue
(“WALE”)
2.2 years3
Net Lettable Area
(“NLA”)
87,256 sq m
Purchase Consideration
INR 4,550 million
(S$84.2 million1)
Net Property
Income (“NPI”) Yield
7.4%
Occupancy
98.2%2
Notes:
1) Based on exchange rate of INR54.05 = S$1
2) Weighted by NLA.
3) As at 3 March 2021.
4) Based on independent valuations conducted by Savills Property Services (India) Pvt. Ltd. as at 2 March 2021. The Valuer has valued the Properties based on the
discounted cash flow method and income capitalisation method.
Chakan MIDC
Talegaon MIDC
Investment Rationale
2
Entry into India, an attractive logistics market
Increasing urbanisation coupled with a growing middle class is expected to support rising consumption levels
which drives demand for modern logistics space
E-commerce growth, accelerated by the COVID-19 pandemic, provides new source of demand for high quality
warehousing facilities in prime locations
India is a beneficiary of the “China Plus” supply chain diversification strategy adopted by manufacturers
Supply of Grade A logistics space in India remains low, thus supporting occupancy1
Strategic locations in key logistics hub with excellent connectivity
Pune is an important warehousing centre in India with demand driven largely by e-commerce, third-party
logistics as well as manufacturing
Properties are located within the Pune Metropolitan Region, an established zone for high-tech engineering and
automobile industries, with strong growth in industrial activities
Well connected to major cities and transportation infrastructure such as the Mumbai Metropolitan Region, Pune
city centre, Pune Airport and Jawaharlal Nehru Port, via the Mumbai-Pune Expressway
Notes:
1. Knight Frank, “India Warehousing Market Report 2020”.
Investment Rationale
3
Quality logistics facilities
Purpose-built with modern logistics specifications, including height clearance of 8.5m to 9m and floor loading of
6 tonnes/psm to 8 tonnes/psm
Leased to mostly multinational corporations such as Kawasaki and Hyundai with WALE of 2.2 years and built-in
annual escalations
Acquisition is expected to be accretive with NPI yield of 7.4%
Acquisition will be funded by debt and is expected to be completed by the second calendar quarter of 2021,
subject to fulfilment of the relevant conditions precedent
Upon completion, MLT’s aggregate leverage ratio is projected to be approximately 40.1%1
Notes:
1. Based on MLT’s financials as at 31 December 2020 and also taking into account the proposed acquisition of Mapletree Logistics Hub –Tanjung Pelepas announced on 19 October 2020 and the proposed acquisition of
interests in a portfolio of five logistics properties in South Korea announced on 15 February 2021, with both acquisitions pending completion.
Mumbai
Pune
Ahmedabad
New
Delhi
Kolkata
Hyderabad
Bengaluru Chennai
INDIA
Strategic Location with Excellent Connectivity
4
TalegaonChakan
Pune City
Centre
Pune
Airport
Chinchwad
Railway
Station
Mumbai-Pune
Expressway
Mumbai
City
Centre
Jawaharlal
Nehru
Port
Pune
Proposed Pune Ring
Road
Distance to major cities and transportation infrastructure
Talegaon Chakan
Jawaharlal Nehru Port 80km 91km
Mumbai-Pune Expressway 30km 40km
Mumbai City Centre 90km 100km
Pune City Centre 35km 30km
Pune Airport 33km 26km
Chinchwad Railway Station 20.5km 15km
5
Impact on Portfolio
7.3%
3.4% 3.4%
2.1%2.0%
1.8%1.4% 1.4% 1.4% 1.4%
7.2%
3.4% 3.3%
2.1% 1.9%1.8%
1.4% 1.4% 1.4% 1.4%
CWT Coles Group Equinix JD.com, Inc. Cainiao Woolworths adidas Hong Kong
Limited
TE Logis Co., Ltd. XPO Worldwide
Logistics
Nippon Access
Group
Existing Portfolio Enlarged Portfolio
Top 10 Customer Profile (by Gross Revenue)
6
Note 1:
Existing Portfolio is based on a portfolio of 156 properties as at 31 December 2020 and also taking into account the proposed acquisitions of Mapletree Logistics Hub – Tanjung Pelepas and the interests in five logistics assets in South
Korea as announced on 19 October 2020 and 15 February 2021, respectively, which are both pending completion.
1
30.6%
19.4%12.7%
10.7%
8.3%
7.4%
6.9%
2.9% 1.1%
24.4%
24.0%
16.3%
11.1%
8.3%
7.5%5.9%
1.7%0.8%
30.9%
19.6%12.9%
10.9%
8.4%
7.4%
7.0%2.9%
Geographical Diversification
7
China
Hong Kong SAR
Singapore
Japan
Australia
Malaysia
Vietnam
Ass
et
un
der
Man
ag
em
en
t b
y
Geo
gra
ph
y
(As
at
31
Dec 2
02
0)
Gro
ss R
even
ue
by G
eo
gra
ph
y
(3Q
FY
20
/21
)
Existing
Portfolio
Enlarged
Portfolio1
Existing
Portfolio Enlarged
Portfolio
1
24.6%
24.2%
16.4%
11.2%
8.3%
7.6%6.0%
1.7%
Note 1:
Existing Portfolio is based on a portfolio of 156 properties as at 31 December 2020 and also taking into account the proposed acquisitions of Mapletree Logistics Hub – Tanjung Pelepas and the interests in five logistics assets in South
Korea as announced on 19 October 2020 and 15 February 2021, respectively, which are both pending completion.
India
New
market
South Korea
Lease Expiry Profile (by NLA)
8
Weighted average lease expiry (by NLA) remains at 3.7 years
Existing Portfolio1
Enlarged Portfolio
Single-User Assets Multi-Tenanted Buildings
Note 1:
Existing Portfolio is based on a portfolio of 156 properties as at 31 December 2020 and also taking into account the proposed acquisitions of Mapletree Logistics Hub – Tanjung Pelepas and the interests in five logistics assets in South
Korea as announced on 19 October 2020 and 15 February 2021, respectively, which are both pending completion.
2.6%6.9%
2.5% 2.9%
13.1%5.9%
23.5% 17.0%
10.6%4.0%
11.0%
FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 >FY24/25
5.9% 26.1% 23.9% 13.1% 6.9% 24.1%
2.5%6.9%
2.4% 2.9%
13.0%
5.8%
23.4%17.3%
10.8%4.0%
11.0%
FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 >FY24/25
5.8% 25.9% 24.2% 13.2% 6.9% 24.0%
Remaining Years to Expiry of Underlying Land Lease
(by NLA)
9
5.3%
11.0%
17.9%
30.0%
7.8%7.1%
20.9%
5.2%
10.9%
17.6%
29.6%
7.8% 8.3%
20.6%
0 - 20 yrs 21 - 30 yrs 31 - 40 yrs 41 - 50 yrs 51 - 60 yrs > 60 yrs (excluding
freehold land)
Freehold
Existing Portfolio Enlarged Portfollio
Weighted average lease term to expiry of underlying leasehold land (excluding freehold land) is 44.1 years
1
Note 1:
Existing Portfolio is based on a portfolio of 156 properties as at 31 December 2020 and also taking into account the proposed acquisitions of Mapletree Logistics Hub – Tanjung Pelepas and the interests in five logistics assets in South
Korea as announced on 19 October 2020 and 15 February 2021, respectively, which are both pending completion.
Disclaimer
10
This presentation is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for units in Mapletree Logistics Trust
(“MLT”, and units in MLT, “Units”), nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract or commitment whatsoever.
The value of Units and the income derived 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 the Units and Mapletree Logistics Trust Management Ltd. (the “Manager”) is
not indicative of the future performance of MLT and the Manager. Predictions, projections or forecasts of the economy or economic trends of the markets which are
targeted by MLT are not necessarily indicative of the future or likely performance of MLT.
This presentation may also 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. Representative 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. In addition, any
discrepancies in the tables, graphs and charts between the listed amounts and totals thereof are due to rounding. Figures shown as totals in tables, graphs and charts
may not be an arithmetic aggregation of the figures that precede them.