MIPL, MIT buy 14 US data centres for $1.02b

MIPL and MIT hold 60% and 40% interest, respectively.

A joint venture (JV) between Mapletree Investments Pte Ltd (MIPL) and Mapletree Industrial Trust (MIT) acquired 14 data centres in the US from Carter Validus Mission Critical REIT Inc. for $1.02b.

According to an announcement, MIPL holds 60% interest in MRDCT whilst MIT holds the remaining 40% interest in the trust, Mapletree Redwood Data Centre Trust (MRDCT), that will invest in the 14 data centres.

The 14 data centres are sited on freehold land with a total net lettable area (NLA) or around 2.3 million sqft.

The properties have a portfolio occupancy of 97.4%. Fifteen tenants from telecommunications, information technology and financial services are also being targeted.

Moreover, MIT launched the private placement over 68.30 million units in order for $1.83-$1.90 to raise $125m.

The proceeds of the placement will go to the acquisition of the data centres.

The acquisition is expected to complete in Q4 this year.

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