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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 portfolio comprises a wide range of differing industrial 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. The properties in the portfolio are attractive and well-diversified in terms of tenancy, location and asset type, and are well placed to continue to perform strongly. The Singapore real estate market benefits from its established position as a hub in the rapidly growing region of South-East Asia.
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. We believe that this collection of properties represents a high quality investment opportunity for our investors, who continue show strong interest in the high growth markets of Asia.'
Mr Hiew Yoon Khong, CEO of Mapletree said, 'We are pleased to have Arcapita as our joint venture partner in MIT, which demonstrates support for our view that this is a high quality portfolio of real estate. We will explore the possibility of listing this portfolio as a REIT in due course, possibly in combination with other Mapletree industrial assets.'
Arcapita announces acquisition of $1.3bn Singapore real estate portfolio
Arcapita Bank B.S.C.(c), a leading international investment firm headquartered in Bahrain, and Mapletree Investments Pte 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 $1.3bn portfolio of high-rise, ready-built industrial properties in Singapore.
- Bahrain: Wednesday, July 02 - 2008 at 17:08
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For further information, please contact:Jon Earl, Financial Dynamics
Tel: +973 17 537 072
Mob: +973 39 300 851
Tim Doyne, Arcapita Bank B.S.C.(c)
Tel: +973 17 218 333
Mob: +973 39 929 009
About Arcapita
Headquartered in Bahrain with offices in Atlanta, London and Singapore, Arcapita's four principal lines of business are corporate investment, real estate investment, asset-based investment and venture capital. To date, the Bank has completed 71 transactions with a total value of almost $27 billion and has an equity capital base of $1.1 billion. Arcapita's mission is to provide innovative and distinctive investment opportunities that generate superior risk adjusted returns while adhering to Islamic principles.
About Mapletree Investments Pte Ltd
Mapletree Investments Pte Ltd (Mapletree) is a leading real estate company in Singapore with an Asian focus. It owns real estate assets of approximately S$5.7bn comprising office, logistics, industrial and retail/lifestyle properties and manages third party assets of S$4.8bn across Asia.
Mapletree has extensive skills and experience in managing industrial and logistics properties and in structuring and managing REITs. It is the Sponsor for Mapletree Logistics Trust (MapletreeLog), the first Asia-focused logistics real estate investment trust in Singapore. It also holds a 40% stake in Mapletree Industrial Fund (MIF), a private real estate fund which invests in industrial real estate across Asia for yield and capital appreciation. Bahrain-based Ahli United Bank's AUB Pan Asian Industrial Fund is a cornerstone investor in MIF. Mapletree Industrial Fund Management Pte Ltd ('MIFM') is the Manager for both MIF and MIT.
Posted by Medilyn Manibo, Assistant News EditorWednesday, July 02 - 2008 at 17:08 UAE local time (GMT+4)
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Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AME Info Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AME Info Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
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