The strategically located Elmina Logistics Hub is under development and is scheduled to be completed in the first half of 2025
PETALING JAYA: Capitaland Malaysia Trust
(CLMT) is proposing to acquire a single-storey warehouse from PTT Logistics Hub 1 Sdn Bhd within Elmina Business Park, Sungai Buloh, Selangor, for RM180mil.
In a filing with Bursa Malaysia, CLMT said the property, the Elmina Logistics Hub, is currently being constructed and will be equipped with an automated storage and retrieval system (ASRS).
“The proposed acquisition is in line with CLMT’s investment objective to deliver long term and sustainable distribution of income to unitholders by acquiring quality real estate with stable recurring income.
“The proposed acquisition would further improve the asset diversification of the overall property portfolio of CLMT with the inclusion of an additional asset in the logistics sector.”
CLMT said the acquisition is expected to contribute positively to its income.
“Distribution per unit is accretive on a proforma basis. Elmina Logistics Hub is expected to generate annual gross rent of RM12.3mil, with a first-year gross yield of approximately 6.8%.”
CLMT said the ASRS racking system optimises warehouse space utilisation by maximising vertical storage and minimising aisle space.
“It enhances the accuracy of goods placement and retrieval, reduces errors and ensures efficient inventory management.”
CLMT said the construction of the 40m high, single-storey Elmina Logistics Hub is scheduled to be completed in the first half of 2025.
“Following the signing of the sale and purchase agreement, CLMT will also enter into a lease agreement to fully lease the property to Projek Tetap Teguh Sdn Bhd, an indirect wholly owned subsidiary of PTT Synergy Group Bhd, a company listed on Bursa Malaysia.
“The 10-year lease term with built-in rent escalations is expected to provide income stability to CLMT’s portfolio.”
