Arcapita buys $1.3bn Singapore properties

PROPERTY INVESTMENT: Arcapita plans to purchase $1.3 billion worth of Singapore property through a venture with Mapletree. (Getty Images)

Bahrain-based investment fund Arcapita has entered a venture with Mapletree Investments to buy S$1.71 billion worth ($1.3 billion) of Singapore industrial properties, with plans to list them through a real estate investment trust (REIT).

The purchase announced on Tuesday is through the Mapletree Industrial Trust, a private real estate fund in which Arcapita will hold 56.5 percent, Mapletree owns 25.1 percent, while the Mapletree Industrial Fund will hold the balance, said the property arm of state-owned investor Temasek.

"We will explore the possibility of listing this portfolio as a REIT in due course, possibly in combination with other Mapletree industrial assets," said Mapletree Chief Executive Hiew Yoon Khong in a statement.

Mapletree said in April it was acquiring the properties, which include 39 blocks of factories, three business park buildings and a warehouse from government-owned JTC Corp, Singapore's largest developer of industrial properties. (Reuters)

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