MIT, Mapletree in JV to acquire 14 US data centres for US$750m

Singapore

IN a bid to gain a foothold in the world's largest data centre market, Mapletree Industrial Trust (MIT) has teamed up with its sponsor Mapletree Investment to acquire a portfolio of 14 data centres in the US for US$750 million.

The move away from a purely Singapore-centric industrial portfolio for MIT comes at a time when its properties continue to face headwinds from the supply of competing industrial space and exit of tenants. MIT had said last month that it is broadening its investment mandate from Singapore industrial properties to include data centres worldwide.

For the purpose of this acquisition, a joint venture has been formed between MIT and its sponsor Mapletree Investments.

Under the joint venture agreement, MIT will hold 40 per cent interest in the unlisted single purpose trust, Mapletree Redwood Data Centre Trust (MRDCT),while Mapletree Investment will hold the other 60 per cent stake.…