Mapletree Industrial Trust's third data-centre BTS. (Photo: Mapletree Industrial Trust)Mapletree Industrial Trust's third data-centre BTS. (Photo: Mapletree Industrial Trust)

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

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.