Mapletree Industrial Trust acquires 98.47% stake in Tokyo mixed-use facility

It will acquire the asset from Nagayama Tokutei Mokuteki Kaisha.

Mapletree Industrial Trust (MIT) will acquire an effective interest of 98.47% in a mixed-use facility in Tokyo, Japan, for JPY14.5b ($129.8m).

The facility comprises a data centre, back office, training facilities and an adjacent accommodation wing.

MIT will acquire freehold property from  Nagayama Tokutei Mokuteki Kaisha.

The asset in Tama-shi, Tokyo, spans 91,200 square feet (sq ft) of land with a gross floor area of 319,300 sq ft and a weighted average lease to expiry (WALE) of approximately five years. The property is fully leased to an established Japanese conglomerate.

Following the acquisition, the proportion of freehold properties in MIT’s portfolio by land area will increase slightly from 65.8% to 65.9%. 

The acquisition will also raise the business trust’s portfolio value from $9 billion to $9.1 billion.

Additionally, Japan will account for 6.4% of MIT's portfolio by assets under management (AUM).