MapleTree Industrial trust divests Michigan data centre for $13.8m

It was sold to a non-interested third-party purchaser.

Mapletree Industrial Trust (MIT) has divested its data centre in Michigan, United States for a sale price of $13.8m (US$10.0m). The divestment was completed on 9 June EST.

The property located at 19675 West Ten Mile Road, Southfield, Michigan was sold to a non-interested third-party purchaser.

Proceeds from the divestment will be used to fund working capital requirements and/or reduce the existing debt of MIT.

The data centre was acquired on 20 December 2017 through a 40:60 joint venture with Mapletree Investments. Since its acquisition, the property's occupancy rate of remained unchanged at 74.3%.

Meanwhile, it contributed about 0.3% to MIT’s portfolio gross revenue in the financial year ended 31 March 2022.

“The Proposed Divestment signifies our proactive efforts in the rejuvenation and rebalancing of MIT’s portfolio in the United States to improve portfolio quality,” Tham Kuo Wei, CEO of the Mapletree Industrial Trust Management Ltd., said.

Follow the link for more news on

Mapletree Industrial Trust

divestment

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia