Singapore’s Mapletree Investments Pte Ltd has announced recently that its subsidiary Mapletree Industrial Fund Management Pte Ltd (MIFM) is acquiring two industrial properties in Malaysia for RM171.5 million.

The first transaction was signed with precision plastic components manufacturer and sub-assembler Classic Advantage Sdn Bhd for its property at Johor Technology Park for RM80 million.

While the second transaction was with wholly-owned subsidiary of Mesdaq-listed Iris Corporation Bhd, Iris Technlogis (M) Sdn Bhd for its property at Technology Park Malaysia in Kuala Lumpur for RM91.5 million.

Both deals have been structured on a sale and leaseback arrangement, with the vendors taking a long lease on the properties.

In a statement, Mapletree chief executive officer Hiew Yoon Khong said, “These acquisitions are an important part of our strategy to expand our investments beyond Singapore for the Mapletree Industrial Fund.”

He added that, “Malaysia is an important market for us. These acquisitions will help us gain a foothold in Malaysia.”

Hiew said the company would continue to look for quality industrial properties here and across Asia to invest in and grow the MIF into a truly pan-Asian industrial fund.