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Commercial Singapore property to be bought for $1.3bn
02 July 2008
Mapletree Investments has announced it is to enter into a joint venture with the Arcapita fund to purchase a collection of commercial real estate property in Singapore.
The firm said that up to $1.3 billion (£0.65 billion) worth of property is to be acquired through the transaction with the Bahrain-based investment to list the purchases in a real estate investment fund.
Hiew Yoon Khong, Mapletree Investment chief executive, said: "We will explore the possibility of listing this portfolio as a REIT in due course, possibly in combination with other Mapletree industrial assets."
The purchase is to take place through Mapletree Industrial Trust, a private real estate fund.
Arcapita will hold 56.5 percent, Mapletree 25.1 per cent and the balance by the Mapletree Industrial.
Three business parks, 39 factory blocks and a warehouse owned by JTC Corp make up the real estate being purchased.
China View reported that Grace Fu, Singapore's senior minister of state for National Development, said that the outlook for the region's real estate is still optimistic. 
Source: Adfero
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