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Mapletree Industrial JV settles US$1.37B deal with Digital Realty

Mapletree Industrial Trust's joint venture with Mapletree Investments Pte. Ltd., Mapletree Rosewood Data Centre Trust, settled its US$1.37 billion agreement with Digital Realty Trust Inc. with the completion of its acquisition of 10 powered shell data centers in North America for US$557.3 million.

The deal was first announced Sept. 16, 2019, and also involved the joint venture's completed US$810.6 million purchase in November 2019 of an 80% stake in three fully fitted hyperscale data centers in Ashburn, Va.

Following the transaction, the Singapore-listed real estate investment trust's portfolio comprised 87 industrial properties in the city-state and 27 data centers in North America.

Digital Realty earlier said it intends to use proceeds from the two-part transaction to reduce its debt and finance future investments.

Citigroup was lead financial adviser to Digital Realty, while CBRE was co-adviser. Latham & Watkins and Mayer Brown were Digital Realty's legal advisers.