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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.

READ MORE: Mapletree sees ‘challenging’ year ahead for its SG market

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.

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