The manager of Mapletree Industrial Trust (MIT) is divesting its 19 Changi South Street 1 property to Esco Micro for $13.0 million.
The property was valued at $11.9 million as at Nov 5 and contributed about 0.2% to MIT’s portfolio gross revenue in the financial year ended Mar 31. It was acquired by MIT on Oct 21, 2021 as part of its initial public offering portfolio for $12.4 million. The net proceeds from this divestment will be deployed to fund committed investments and working capital requirements and/or reduce existing debt.
With a gross floor area of about 82,737 sq ft, the property is a two-storey Light Industrial Building with a four-storey extension block located within the Changi South Industrial Estate. It is sited on a land area of about 67,513 sq ft with a 30-year land lease commencing from Nov 16, 1996 and an option to extend for another 30 years