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Mapletree Industrial Trust enters JV to acquire 13 data centers for $1.4b
Transactions - SEPTEMBER 16, 2019

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Mapletree Industrial Trust enters JV to acquire 13 data centers for $1.4b

by Andrea Zander

Mapletree Industrial Trust (MIT) has entered into a 50-50 joint venture with Mapletree Investments Pte Ltd to acquire 10 data centers in the United States that operate under the Powered Base Building® brand.

Its partner is Digital Realty.

It will also co-invest in three turnkey data centers in North America.

Under the terms of the agreements, Mapletree Investments and Mapletree Industrial Trust will acquire the Powered Base Building® portfolio from Digital Realty for a total purchase price of approximately $557 million. These 10 properties are fully leased and are expected to generate 2020 cash net operating income of approximately $37 million.

Separately, an entity jointly owned by Mapletree Investments and Mapletree Industrial Trust will purchase an 80 percent interest, and Digital Realty will retain a 20 percent interest, in a joint venture on three fully stabilized hyper-scale facilities located in Ashburn, Va.  Mapletree Investments and Mapletree

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