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Mapletree Industrial Trust seeks to sell 3.1M SF US data center portfolio
The REIT said it is marketing a 22-building, 3.1 million square-foot portfolio that is roughly 40% of its North American holdings, and it expects to take offers for individual assets.
Mapletree Industrial Trust, one of Singapore’s largest public REITs, has hired JLL to market a 22-building U.S. data center portfolio totaling 3.1 million square feet, seeking to sell the assets in a single transaction or on an individual-property basis, according to a listing reviewed by Bisnow.
The portfolio, roughly 40% of Mapletree’s holdings in North America, is spread across 15 states and has a weighted average lease term of 6.8 years, with most facilities fully leased on a triple-net basis. Tenancies include colocation and technology-related firms, with larger named tenants cited in Mapletree’s quarterly results including HP, Equinix, Bank of America and Vanderbilt University.
Bisnow reports that Mapletree’s U.S. assets are located across multiple data center hubs, including around Atlanta and Phoenix, and that the REIT owned 54 data center assets in North America at the end of July. The REIT also said it sold a Philadelphia data center for $14.5 million in June, using proceeds to pay down debt and fund other capital needs.
The deal push comes as Bisnow notes data center activity accelerated in July, with monthly transaction volume across all asset classes reaching a 20-year high. July data center sales volume rose 1,911% year over year to $33.8 billion, and Mapletree has characterized its approach as a “rejuvenation strategy” centered on targeted divestments and reinvestment, with net property income up 2% quarter over quarter to $122 million but down 8.5% year over year in the first quarter.