Mapletree Industrial Trust Management Limited, as manager of Mapletree Industrial Trust (MAPIF,ME8U.SI) said that DBS Trustee Limited, as trustee of Mapletree Industrial Trust, through its indirect wholly-owned subsidiary, has inked a deal to sell 2000 Kubach Road, Philadelphia, Pennsylvania-based data center property to a non-interested third-party purchaser for $14.5 million.
Ler Lily, CEO of the Manager, said: "The proposed divestment is part of our broader strategy to rebalance the portfolio. Redeploying capital into markets and assets with sustainable growth potential will strengthen MIT's portfolio and deliver sustainable returns to unitholders."
The sale price was determined after a competitive bid process conducted by an independent property consultant. The sale price represents a 4.3% premium above the independent valuation of $13.9 million as of March 31.
The proposed sale is expected to be closed by the third quarter of 2026. The net proceeds from the sales may be used to repay debts and fund working capital needs of the property seller.
The property is a two-story data center with a net lettable area of about 124,190 square feet. It is sited on freehold land with a land area of about 1,115,187 square feet.
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