SINGAPORE-LISTED Mapletree Logistics Trust has agreed to buy three warehouses worth 155 million yuan (US$20.39 million) from logistics firm Shanghai Shunjie, the company announced on the Singapore Stock Exchange Website yesterday.

The property, based in Shanghai's Putuo District, will be the real estate investment trust's fourth on the Chinese mainland. Over the past 15 months, it has spent 450 million yuan buying real estate in Shanghai, Xi'an and Guangzhou. "The continued economic growth and emerging affluent middle class have resulted in rapid urbanization in China," said Chua Tiow Chye, Mapletree Logistics' CEO. "This acquisition will allow us to capitalize on the increasingly important retail and wholesale sectors, and will entrench our presence in Shanghai." The latest acquisition will be completed early next year and will be funded entirely by debt. Agreements with the present tenants will be transferred to the company. Mapletree Logistics is an Asia-focused real estate investment trust. It has a S$1.43 billion (US$94,000) portfolio.