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The three-storey property with two mezzanine floors were disposed for S$17.69 million, which is 34 percent higher than MIT’s acquisition cost of S$13.2 million. (Photo: Mapletree Industrial Trust)
Mapletree Industrial Trust (MIT) has completed the sale of a light industrial building along Tuas South Avenue 3 at 65 Tech Park Crescent on Thursday (20 July), revealed an SGX filing posted on the same day.
The three-storey property with two mezzanine floors were disposed for S$17.69 million, which is 34 percent higher than MIT’s acquisition cost of S$13.2 million.
“The divestment was in line with the manager’s strategy of proactively managing its assets to add value to the portfolio,” said Mapletree Industrial Trust Management Ltd. It added that the property was purchased in October 2010 as part of MIT’s portfolio for its initial public offering (IPO).
As of the first quarter of this year, the light industrial building was valued at S$17.6 million and generated 0.3 percent of MIT’s gross revenue for the fiscal year ended 31 March 2017.
With the completion of the sale, the trust now owns 85 properties (existing and under development) in Singapore with a combined worth of around S$3.7 billion.
This article was edited by Denise Djong.
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