Mapletree Industrial Trust has announced the sale of three properties to Brookfield Asset Management for $535.3 million and use the proceeds to lower debt.

The three properties are The Strategy and The Synergy at International Business Park, and the Woodlands Central Cluster.

The price is a 2.6% premium over the independent valuations of the properties as of March 31, and 22.1% over their original investment cost of $438.4 million.