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Mapletree Industrial Trust is a private real estate fund, holding a US$1.3 bn portfolio of high-rise, ready-built industrial properties in Singapore |
Arcapita Bank B.S.C.(c), a Bahrain-based investment firm and Mapletree Investments Pvt Ltd, a leading Singapore-based real estate company, have announced the completion of agreements to become joint venture partners in Mapletree Industrial Trust ("MIT"), a private real estate fund which holds a US$1.3 billion portfolio of high-rise, ready-built industrial properties in Singapore.
Atif A. Abdulmalik, Chief Executive Officer of Arcapita, said: "We are very pleased to be announcing our first transaction in Singapore, where we opened an office earlier this year. Mapletree, our joint venture partner in the transaction, is one of Singapore's most prominent real estate companies and is well placed to oversee the management of the portfolio."
Arcapita will hold a 56.5% stake in MIT, while Mapletree will hold a 25.1% stake. The balance will be held by Mapletree Industrial Fund ("MIF"), a pan-Asian private real estate industrial fund sponsored by Mapletree. The real estate portfolio comprises a wide range of properties, including 39 blocks of flatted factories, 12 amenity centers, six stack-up and one ramp-up buildings, three multi-tenanted business park buildings and one warehouse building.
