MIT completes acquisition of 7 Tai Seng Drive
July 11, 2018
Mapletree Industrial Trust (MIT) has completed the acquisition of an industrial property at 7 Tai Seng Drive at the purchase price of $68 million.
In an SGX filing, MIT revealed that it will complete upgrading works on the seven-storey building by the second half of 2019, and convert it into a high-specification property.
It will then fully lease the property to “an established information and communication technology company for an initial term of 25 years with annual rental escalations”.
MIT expects the total cost of the acquisition and upgrading works to stand at $95 million.
Following the acquisition, MIT’s portfolio will comprise 86 industrial properties in Singapore and 14 data centres in the US.