Mapletree and Arcapita form JV to hold JTC industrial portfolio

Mapletree Investments has formed a joint venture with Arcapita Bank of Bahrain to hold a portfolio of industrial properties bought from JTC Corp.

The assets are worth a combined 1.7 billion Singapore dollars.

Arcapita will hold a 56.5 per cent stake in the joint venture called Mapletree Industrial Trust (MIT).

Mapletree will own 25.1 per cent, while the rest will be held by Mapletree Industrial Fund, a pan-Asian private real estate industrial fund sponsored by Mapletree.

In a statement, Mapletree said the acquisition of JTC’s industrial property portfolio, which was announced in April, has been completed.

The properties include 39 blocks of flatted factories, 12 amenity centres, three multi-tenanted business park buildings and one warehouse building.

The assets have been officially transferred to MIT on July 1. Mapletree Industrial Fund Management will manage the properties. – CNA/vm

Source : Channel NewsAsia – 1 Jul 2008

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