OCBC Investment research has maintained a ‘Hold’ rating on Singapore-listed industrial REIT, Mapletree Industrial Trust.
The REIT announced in October 2017 that it was forming a 40-60 joint venture with its sponsor, Mapletree Investments, to acquire a portfolio of 14 data centres across the USA.
Total acquisition costs are expected to come in at approximately SGD1.03 billion, translating into a proportionate share of circa USD305 million for Mapletree Industrial Trust.
To partly fund the its portion, the REIT conducted a private placement exercise of about 81,968,000 new units including an upsize option, to raise proceeds of approximately SGD150 million.
The private placement units were issued at SGD1.90 each, and Singapore bank DBS was among those that subscribed, acquiring 5 million units.
Read: DBS acquires 5 million units of Mapletree Industrial Trust
To read the full article, please login or register.