MIT Plans to Buy 29 US Data Centres, Raises S$823.3 Million

News about Mapletree Industrial Trust

Mapletree Industrial Trust is announcing the planned acquisition of a portfolio of 29 data centres in the US for a total cost of US$1,345 million. The portfolio of mostly freehold properties has an aggregate WALE of 7.9 years and 87.8% occupancy.

In order to fund the operation, the trust has launched:

  • A private placement of 190,259,000 new units, at a price of S$2.696 per new unit, which was 3.1 times covered.
  • A preferential offering of 117,576,607 new units, at a price of S$S$2.64 per new unit, on the basis of 5 new units for every existing 100 units held on May 31, 5pm.

The rest of the cost will be covered by debt.

The manager expects the acquisition to be both NAV and DPU accretive.

Mapletree Industrial Trust
Price2.840 SGD
NAV1.660 SGD
Yield (4 quarters)4.42%
Gearing40.3%