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Mapletree Logistics Trust (MLT) on Wednesday announced that it has entered into an agreement with Nippon Express to develop its japan asset, Moriya Centre in Ibaraki, Japan for an estimated development cost of JPY1,409 million (approximately S$16.2 million).
According to MLT, the asset enhancement initiative (AEI) will maximise the unutilised plot ration by generating an additional 26 percent in gross floor area.
The property currently comprises two warehouse block both leased to Nippon Express. The AEI will add a new four-storey dry warehouse with approximately 9,000 sq m of gross floor area (GFA) bringing the total GFA to 43,700 sq m. “The new warehouse will feature a floor loading capacity of 2.0 ton per sq m, above the standard 1.5 ton per sq m, to allow for higher stacking and more storage,” the company said.
The AEI works are expected to be completed by March next year.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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