Singapore-listed industrial REIT, Mapletree Industrial Trust, is divesting 65 Tech Park Crescent for SGD17.688 million (USD12.7 million).
The three-story light industrial building, which features two mezzanine levels, and a gross floor area of about 107,373 square feet, will be sold to a manufacturer of precast concrete, Concrete Innovators Co Pte Ltd.
The property, which was acquired by Mapletree Industrial Trust in October 2010 as part of its initial portfolio in October 2010, has a 60-year land lease that commenced on 18 August 1993, and the remaining land lease tenure is approximately 36 years.
65 Tech Park was valued at SGD17.6 million as at 31 March 2017 and contributed 0.3% to the REIT’s portfolio’s gross revenue in the financial year that ended on the same date.
As such, the proposed sale price represents a 34% premium over Mapletree Industrial Trust’s acquisition price.
65 Tech Park is a single-user building with a ten-year master lease with Metech International Limited, which is due for expiry in November 2017.