Mapletree Investments has entered into a joint venture with the Bahrain investment fund Arcapita to buy a S$1.71 billion ($1.3 billion; €794 million) portfolio of industrial properties in Singapore.
According to the firms, the properties have been acquired by private equity real estate fund, Mapletree Industrial Trust, which is 56.5 percent owned by Arcapita, 25 percent owned by Mapletree, with the remainder owned by the Mapletree Industrial Fund, a vehcile managed by Mapletree.
The properties include 39 blocks of factories, three business park buildings and a warehouse from JTC Corp, a government- owned industrial property developer.
Mapletree chief executive Hiew Yoon Khong aid in a statement the firm would explore the possibility of listing the portfolio as a REIT possibly in combination with other Mapletree industrial assets.
Last July, Mapletree formed a similar partnership to the Arcapita deal with CIMB Real Estate of Malaysia.
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