Mapletree Logistics Trust · SGX:M44U

Mapletree Logistics Trust — Merger or Acquisition (November 2005)

13 slides from Mapletree Logistics Trust's merger presentation, Nov 21, 2005

  1. Slide 1: SGX Announcement: Acquisition of Ouluo Logistics Centre

    Print this page Miscellaneous * Asterisks denote mandatory information Name of Announcer * MAPLETREE LOGISTICS TRUST Company Registration No. NA Announcement submitted on behalf of MAPLETREE LOGISTICS TRUST Announcement is submitted with MAPLETREE LOGISTICS TRUST respect to * Announcement is submitt

  2. Slide 2: Acquisition of Ouluo Logistics Centre near Pudong Airport

    Acquisition of Ouluo Logistics Centre near Pudong Airport 21 November 2005

  3. Slide 3: Agenda

    506002si_2 Jul.ppt $JHQGD ƒ Details of Ouluo Logistics Centre: ¾ Ouluo Logistics Centre – maiden China acquisition ¾ Ouluo’s near fast growing Pudong Airport ƒ Impact on MapletreeLog ¾ Under-rented, room for growth ¾ Healthy total risk-adjusted returns ¾ Acquisition is yield accretive ¾ Reduced tena

  4. Slide 4: Ouluo Logistics Centre – maiden China acquisition

    506002si_2 Jul.ppt 2XOXR /RJLVWLFV&HQWUHದ PDLGHQ&KLQDDFTXLVLWLRQ ƒ Purchase price: RMB 120m (S$25.3m) ƒ EBITDA yield: 6.5% (ungeared); EBDA yield: 8.1% (50% gearing) ƒ Appraised value: RMB 128 million by Savills (Hong Kong) dated 30 Oct 2005 ƒ Land tenure: expiry in 2052 ƒ Land area: 82,795 sqm GFA:

  5. Slide 5: Ouluo near fast-growing Pudong Airport

    506002si_2 Jul.ppt 2XOXR QHDUIDVWJURZLQJ3XGRQJ $LUSRUW WaiGaoJiao ƒ Ouluo is a rare find given the port scarcity of investible grade Port Huang Pu Zone logistics assets, more so in a River location in such close proximity to as strategic a transport hub as the rapidly growing Pudong Airport. Yangtze

  6. Slide 6: Under-rented property, room for growth

    506002si_2 Jul.ppt 8QGHUUHQWHGSURSHUW\URRPIRUJURZWK Market shares of Intra-Asia, Asia-Europe Airfreight in 2003 ƒ We see the growth potential of this under-rented property ƒ Lease structures are relatively Others 26% DHL 27% short, giving room for rental reversions to move closer to prevailing marke

  7. Slide 7: Total risk-adjusted returns healthy

    506002si_2 Jul.ppt 7RWDOULVNDGMXVWHGUHWXUQVKHDOWK\ Property yields & spread ƒ We plan to fund Ouluo acquisition with of total return over risk-free substantial debt, in line with a capital management policy we have articulated earlier on for our overseas properties. Assume asset gearing of 0% 35% 50

  8. Slide 8: Acquisition is yield accretive

    506002si_2 Jul.ppt $FTXLVLWLRQLV\LHOGDFFUHWLYH Ouluo Logistics Centre First Year Ungeared EBITDA yield 6.5% EBDA at 35% gearing 7.0% EBDA at 50% gearing 8.1% EBDA at 70% gearing 11.4% Implied NPI yield of MapletreeLog (based on ~4.1% unit price of S$1.03) 6 6

  9. Slide 9: Reduced tenant concentration

    506002si_2 Jul.ppt 5HGXFHGWHQDQWFRQFHQWUDWLRQ Ouluo brings in blue chip 3PL tenants DHL and Sagawa To 10 Tenants by Gross Revenue for Sep 2005 (New Portfolio) 14% 12.9% 12.3% 12% 10% Before Acquisition After Acquisition 8.7% 8.3% 8% 6% 5.7% 5.4% 5.5% 5.3% 5.2% 5.0% 4.3% 4.1% 4.0% 3.9% 3.9% 3.9% 4% 3

  10. Slide 10: Diversified asset mix

    506002si_2 Jul.ppt 'LYHUVLILHGDVVHWPL[ Before the acquisition* After the acquisition* Gross Revenue Contribution by Trade Sector (Before acquisition) Gross Revenue Contribution by Trade Sector (after acquisition) FTZ 3PL FTZ 3PL 21.0% Oil & Chemical Logistics 21.9% Oil & Chemical Logistics 15.2% 14.

  11. Slide 11: Average lease duration still long

    506002si_2 Jul.ppt $YHUDJHOHDVHGXUDWLRQVWLOOORQJ Lease Expiry Profile by Income 90% 84.3% 82.7% 80% 70% 60% Before Acquisition After Acquisition 50% 40% 30% 20% 9.7% 9.3% 10% 6.0% 3.8% 2.1% 2.0% 0% Expiring in 2006 Expiring in 2007 Expiring in 2008 Expiring after 2008 Initial 15 properties 19 proper

  12. Slide 12: Leasehold for underlying land

    506002si_2 Jul.ppt /HDVHKROGIRUXQGHUO\LQJODQG Remaining Years to Expiry of Underlying Land Lease 80% 70% 67.9% 65.3% Before Acquisition After Acquisition 60% % of Total Lettable Area 50% 40% 30% 20% 16.0% 12.6% 10% 7.3% 7.0% 5.2% 6.8% 6.5% 5.4% 0.0% 0% 0 - 20 yrs 21 - 30 yrs 31 - 40 yrs 41 - 50 yrs

  13. Slide 13: Disclaimer

    506002si_2 Jul.ppt 'LVFODLPHU 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 possib

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