A SINGAPORE-incorporated vehicle of US-based information management and storage group Iron Mountain has sold its property at 26 Chin Bee Drive in Jurong West for S$47 million.

Iron Mountain is understood to have entered into a long leaseback arrangement with the property’s new owner, which is an indirect wholly-owned subsidiary of variable capital company (VCC) ARA-Kenedix SJ Real Estate Fund.

The VCC is managed by ARA Fund Management, which is owned by ARA Asset Management (which was acquired by ESR in January 2022).