Mapletree Industrial Trust completes purchase of 7 Tai Seng Drive

MAPLETREE Industrial Trust (MIT) has completed its acquisition of 7 Tai Seng Drive, it announced in a Singapore Exchange (SGX) filing.

It will complete upgrading works of the seven-storey property into a high-specification building in the second half of 2019, and lease it fully to "an established information and communication technology company" for an initial term of 25 years with annual rental escalations.

The total cost of the acquisition and upgrading works of the property is expected to be S$95 million, including the purchase price of S$68 million.

After this acquisition, MIT's portfolio comprises 86 industrial properties in Singapore and 14 data centres in the US.

Mapletree units closed at S$1.91, up one Singapore cent or 0.52 per cent, on Wednesday.