This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Menlo Expands With Mapletree Logistics Trust In Singapore

SAN FRANCISO and SINGAPORE, June 28, 2013 /PRNewswire/ -- Menlo Worldwide Logistics ("Menlo"), the US$1.7 billion global logistics subsidiary of Con-way Inc. (NYSE: CNW), and Mapletree Logistics Trust ("MLT"), the first Asia-focused logistics real estate investment trust listed in Singapore (SGX: M44U), jointly announced that Menlo has signed a binding commitment to lease 48,700 square metres ("sqm") at Mapletree Benoi Logistics Hub ("MBLH").

(Photo: http://photos.prnewswire.com/prnh/20130628/NE39973)(Logo: http://photos.prnewswire.com/prnh/20130313/MM76898LOGO)

The agreement represents Menlo's latest expansion in Singapore and elevates Menlo to MLT's largest tenant 1, with leased warehouse space across four properties in Singapore and Hong Kong.

MBLH is MLT's first redevelopment project in Singapore. Scheduled for completion in the fourth quarter of 2013, the modern five-storey ramp-up facility has received strong interest from major third-party logistics service providers. Including this commitment by Menlo, which accounts for 55 percent of MBLH's total net lettable area, the development is now 75 percent pre-leased with the balance in advanced stages of negotiation.

"Mapletree is a strategic business partner who has been instrumental in supporting our growth objectives with quality warehousing facilities," said Desmond Chan, managing director, South Asia for Menlo. "We are excited to expand this relationship as we continue to enhance our capabilities and resources for value-added logistics, warehousing and distribution services in Singapore and South Asia."

The 10-year lease for the new property at MBLH increases to eight the number of facilities Menlo operates in Singapore providing dedicated and multi-client inventory storage and distribution management. It follows the opening earlier this year of Menlo's newest facility in Singapore, a 37,000-sqm, multi-storey state-of-the art warehousing facility on Sunview Way. Collectively, Menlo serves over 100 Singapore businesses and multi-national companies in sectors such as automotive, high-tech, consumer goods, industrial, aerospace and wine and spirits distribution. In addition to product storage, inventory management and distribution, Menlo intends to provide a number of high-value-added services from the Benoi property, including picking and packing operations, customized labelling and return management services.

Strategically located within the Jurong Industrial Estate, MBLH is in close proximity to Jurong Port and easily accessible to the city via major expressways. The S$128 million development with a gross floor area of 92,500 sqm is designed with high specifications including floor loading capacity of up to 40kN/sqm and a clear height of up to 12 metres. In addition, with its sizeable contiguous floor plates and direct vehicular ramp access to every floor, MBLH offers improved operational flexibility and efficiency to logistics service providers like Menlo. These enhanced features will enable them to provide more competitive and superior warehousing and logistics services to their customers. MBLH is also designed with sustainable green features that adhere to the Singapore Building and Construction Authority's Green Mark GoldPlus rating criteria.

"We are pleased to be able to support the continued growth of Menlo, our valued and repeat customer. We look forward to a long-lasting partnership with Menlo as they expand their operations in the region," said Ms. Ng Kiat, Chief Executive Officer of Mapletree Logistics Trust Management Ltd, the manager of MLT.

"The redevelopment of MBLH also demonstrates our ability to execute on MLT's strategic priority of rejuvenating existing assets to maintain our competitive edge and optimise portfolio returns. When completed, MBLH will be transformed into a modern, quality warehouse with significantly improved building specifications. At the same time, it will yield a four-fold increase in gross floor area, from 22,500 sqm previously, to 92,500 sqm. We will continue to look out for asset enhancement or redevelopment opportunities to unlock value from our portfolio," added Ms. Ng. 

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs