Mapletree Industrial Trust (MIT) has acquired a newly-built data centre in Japan’s second-largest city, Osaka, for JPY52bn (€347m)
Mapletree Industrial Trust Management, MIT’s manager, said the acquisition was through the purchase of a conditional trust beneficial interest and share agreement with Suma Tokutei Mokuteki Kaisha, an unrelated third-party vendor.
MIT will be acquiring a 98.47% stake in the facility, with more than 3GW of total IT load. The investment marks MIT’s entry into the Japanese data centre market.
The Singapore-listed trust intends to finance the total acquisition through a combination of debt and proceeds from an equity fundraising. It has issued a private placement to raise S$200m (€138m).
Tham Kuo Wei, CEO of the manager, said the proposed acquisition offered a strategic opportunity to diversify MIT’s data centre presence into Japan, one of the most developed data centre markets in Asia-Pacific.
“It will enlarge our presence in the resilient data centre sector, which continues to offer attractive growth prospects,” Tham said. The addition of a high-quality data centre with its long-term lease to an established data centre operator will provide a stable income stream and strengthen MIT’s tenant base.”
Post-acquisition, Japan will account for about 5.5% of MIT’s S$9.3bn assets under management, with North America and Singapore representing the remaining 47.6% and 46.9% respectively.
“We have reached another milestone in our portfolio rebalancing efforts with this accretive acquisition. We will continue to pursue transactions in dynamic new markets beyond North America and Singapore and explore divestment of non-core assets to further improve portfolio resilience and growth prospects,” said Tham.
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