Mapletree Industrial Trust to buy remaining 60% stake in 14 data centres for US$210.9m

Private placement proposed to issue about 128.1 million new units to fund acquisition, among other things

Published Tue, Jun 23, 2020 · 09:50 PM

Singapore

THE manager of Mapletree Industrial Trust (MIT) on Tuesday said it had agreed to purchase the remaining 60 per cent interest in 14 data centres in the US from its sponsor for about US$210.9 million.

The portfolio of 14 data centres is held by Mapletree Redwood Data Centre Trust (MRDCT), in which MIT already has a 40 per cent stake. Mapletree DC Ventures, a wholly-owned subsidiary of MIT's sponsor Mapletree Investments, holds the other 60 per cent stake in MRDCT. Upon completion of the proposed acquisition, MIT will fully own the 14 data centres.

The manager said the proposed acquisition is in line with its strategy to grow MIT's high-tech buildings segment. Upon completion, MIT's assets under management will increase to S$6.6 billion from S$5.9 billion as at March 31, 2020. MIT's exposure to data centres is also expected to increase to 39 …