7 Tai Seng Drive (Photo: Mapletree Investments)

Mapletree Industrial Trust (MIT) has executed a novation agreement in respect to an option to purchase (OTP) with its sponsor, Mapletree Investments, over the property at 7 Tai Seng Drive.

The vendor of the property is another REIT related to the sponsor, Mapletree Logistics Trust (MLT).

The seven-storey property is located within the Tai Seng Industrial Estate, features a gross floor area of about 256,600 square feet, and sits on a land area of about 96,500 square feet.

The site has a land lease tenure of 30 years commencing from 16 March 1993, and an option to extend for an additional 30 years.

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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.