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Iron Mountain sells Jurong West building to ARA-Kenedix VCC for S$47 million

US-based group enters into long leaseback arrangement for warehouse building at 26 Chin Bee Drive

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Kalpana Rashiwala

Kalpana Rashiwala

Published Mon, Apr 10, 2023 · 05:50 AM
    • The 14-storey building, at the corner of Chin Bee Drive and Corporation Road, is about 20 years old.
    • The 14-storey building, at the corner of Chin Bee Drive and Corporation Road, is about 20 years old. PHOTO: GOOGLE MAPS

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    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).

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