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Mapletree Industrial Trust (MIT) has completed the $268.3 million acquisition of a mixed-use property at 18 Tai Seng Street.
The acquisition was made via the purchase of all the units of Marina Trust, which holds the property, from a unit of Mapletree Investments.
With a total gross floor area of around 443,810 sq ft, the nine-storey property comprises Business 2 industrial, retail and office spaces. It is located within Paya Lebar iPark, with prominent frontage along Upper Paya Lebar Road.
It has a committed portfolio occupancy rate of 94.3 percent, with 44 tenants, including multinational firms in sectors such as technology, medical, information and communications technology as well as automotive technology.
“Upon the completion of the acquisition, DBS Trustee Limited and Mapletree Industrial Trust Management Ltd. have replaced Mapletree Trustee as the trustee and the manager of Marina Trust respectively. Marina Trust has also been renamed ‘MIT Tai Seng Trust’,” revealed MIT’s manager in an SGX filing.
The acquisition brings MIT’s portfolio to 87 industrial properties in Singapore as well as 14 data centres in the United States (40 percent via the joint venture with Mapletree Investments).
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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