Singapore's Mapletree Industrial Trust sells three properties for $413 million
May 16 (Reuters) - Mapletree Industrial Trust MAPI.SI said on Friday it has agreed to sell three of its Singaporean industrial properties to Brookfield Asset Management BAM.TO for a total of S$535.3 million ($412.82 million).
The properties are being sold to the New York-headquartered asset manager at a 2.6% premium to their independent valuations of S$521.5 million as of March 31.
The price also represents an over 22% increase from their original investment cost of S$438.4 million, Mapletree said.
These three properties, namely The Strategy, The Synergy and the Woodlands Central Cluster, combined accounted for about 6.3% of the company's gross revenue for the financial year ended March 31, it added.
Mapletree said the proposed divestment is expected to be completed by the third quarter of 2025.
($1 = 1.2967 Singapore dollars)
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