7211 Trade Street, a data centre owned by Mapletree Industrial Trust. (Photo: Google Maps)

Mapletree Industrial Trust (MIT) is acquiring the remaining 60% interest in 14 US data centres currently held by Mapletree Redwood Data Centre Trust (MRDCT).

The REIT currently holds a 40% stake in the properties via its interest in MRDCT.

The remaining stake is being acquired at a purchase consideration of USD210.9 million (SGD300 million).

The data centres sit on freehold land and are 97.4% leased to 15 established tenants, including Fortune Global 500 corporations and NYSE or Nasdaq-listed companies, said the REIT.

It has a weighted average lease expiry (WALE) of about 4.6 years, with about 20% of the leases expiring within the next three years.

Dear subscribers, please login to continue reading this article.

Don’t miss out on information beyond mainstream media reports that may impact your investments.
Login or sign-up for a free 25-day trial here.

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.