Singapore industrial REIT Mapletree Industrial Trust (MIT) (SGX:ME8U) has obtained the temporary occupation permit for its build-to-suit data centre development for IT solutions provider, Equinix Singapore, on 27 January.
With the TOP, the tenant can begin to move into the property and contribute towards MIT’s performance in the impending financial quarter's results.
The purpose-built seven-storey data centre, located at Singapore’s high-tech industrial district of one-north, has a total gross floor area of about 385,000 square feet. The property is fully leased to Equinix for a minimum tenure of 20 years. Equinix is expected to be one of MIT’s largest tenants when its lease commences.
The data centre development for Equinix is MIT’s latest build-to-suit project, adding to its track record of similar properties. Other build-to-suit projects included a flagship data centre for Tata Communications International, global headquarters for Kulicke & Soffa and a facility for Hewlett-Packard Singapore which is undergoing development.
Units of MIT are currently listed on the Singapore Exchange at SGD1.53.