MIT divests 19 Changi South Street 1 for $13 mil

Samantha Chiew
Samantha Chiew12/23/2021 7:2 PM GMT+08  • 2 min read
MIT divests 19 Changi South Street 1 for $13 mil
Mapletree Industrial Trust divests light industrial building in Changi for $13 mil.
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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

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