Mapletree Industrial Trust to divest up to S$600 million of North America assets, eyes Japan and Europe for growth
The divestments are expected to be carried out within the next 1 to 2 years
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[SINGAPORE] Mapletree Industrial Trust (MIT) plans to divest S$500 million to S$600 million of assets in North America within the next one to two years, as it steps up efforts to recycle capital into higher-quality properties and expand into new markets.
“With over S$500 million divested and more divestments planned, this gives us a nice headroom for acquisitions,” said Lily Ler, CEO of the manager, at the earnings briefing on Wednesday (Apr 29).
She added that MIT continues to see opportunities in data centres and is looking to grow its footprint in Japan while exploring a first entry into Europe, as it becomes more selective on the US given its substantial existing exposure.
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