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Mapletree Industrial to pay S$268M for mixed-use Singapore building

On behalf of Mapletree Industrial Trust, DBS Trustee Ltd. signed a conditional unit acquisition deal with Mapletree Investments Pte Ltd. unit Mapletree Tai Seng Pte. Ltd. for a S$268.3 million property in Singapore.

The transaction will be carried out through the acquisition of all the units of Marina Trust, which holds the 18 Tai Seng asset, according to a release.

With an aggregate outlay of approximately S$271.0 million, Mapletree Industrial said it has sufficient capacity fully fund the purchase with debt, but may use a combination of debt and equity depending on market conditions.

The S$268.3 million price tag reflects a 0.6% discount over an independent valuation by Savills (Singapore) Pte. Ltd., but is aligned with another valuation carried out by Colliers International (Singapore) Pte. Ltd. as at Nov. 30.

The nine-level high-specification, mixed-use building consists of industrial, office and retail areas spread over about 443,810 square feet of space within the republic's Paya Lebar iPark. The 94.3%-occupied tower is leased with an average weighted lease expiry of roughly 3.6 years to 44 tenants, which include multinational companies in the medical technology, infocomm technology and automotive technology sectors.

The property has a land tenure of 30 years, starting from March 26, 2014, and spans a net lettable area of 384,212 square feet.

After closing, the purchase would push Mapletree Industrial's total assets under management to S$4.7 billion from S$4.4 billion, with 42.7% of its portfolio consisting of hi-tech buildings, up from an earlier 39.2%.

As of Dec. 13, US$1 was equivalent to S$1.37.