MAPLETREE INDUSTRIAL TRUST (Constituted in the Republic of Singapore pursuant to a Trust Deed dated 29 January 2008 (as amended))
ANNOUNCEMENT
VALUATION OF MAPLETREE INDUSTRIAL TRUST'S PROPERTIES
25 April 2024 - In compliance with the Monetary Authority of Singapore "Code on Collective Investment Schemes Appendix 6 - Property Funds" and pursuant to Rule 703 of the SGX-ST Listing Manual, Mapletree Industrial Trust Management Ltd., as manager (the "Manager") of Mapletree Industrial Trust ("MIT"), wishes to announce that the latest independent valuations ("Valuations") for all properties owned by MIT as at 31 March 2024 have been completed.
The independent valuations for MIT's portfolio of 83 properties in Singapore were conducted by Savills Valuation and Professional Services (S) Pte Ltd. The total value of MIT's portfolio of 83 properties in Singapore (the "Singapore Portfolio") was S$4,290.8 million as at 31 March 2024. Excluding the Tanglin Halt Cluster which was divested on 27 March 2024, the valuation of the Singapore Portfolio would have increased by S$6.8 million, which represented a year- on-year increase of 0.2% as a result of an improvement in operating performance.
The independent valuations for the portfolio of 56 properties in North America were conducted by CBRE, Inc.1 and JLL Valuation & Advisory Services, LLC2. These comprised 43 properties wholly-owned by MIT and 13 properties held through Mapletree Rosewood Data Centre Trust ("MRODCT"), a 50:50 joint venture with Mapletree Investments Pte Ltd ("MIPL"). The 56 properties in North America (on a 100% basis) were valued at US$4,128.2 million (approximately S$5,498.4 million3) as at 31 March 2024. This represented an overall decrease of US$198.9 million over the previous valuation of US$4,327.1 million as at 31 March 2023. The year-on-year decline of 4.6% was mainly attributed to higher capitalisation rates and discount rates across the portfolio of properties in North America.
- CBRE, Inc. valued the 43 properties in North America wholly-owned by MIT.
- JLL Valuation & Advisory Services, LLC valued the 13 properties held through MRODCT.
- Based on applicable March 2024 month end exchange rate of US$1 to S$1.33191.
The independent valuation for the property in Osaka, Japan (the "Osaka Data Centre") was conducted by JLL Morii Valuation & Advisory K.K.. The property was valued at JPY 52.3 billion (S$471.5 million4) as at 31 March 20245.
As at 31 March 2024, the total valuation of 140 properties in MIT's portfolio was S$8,802.2 million. This comprised the valuations of 83 properties in Singapore at S$4,290.8 million, 43 properties in North America wholly-owned by MIT and MIT's 50% interest in MRODCT at US$3,103.6 million (approximately S$4,133.7 million) as well as Osaka Data Centre at JPY
41.9 billion5 (S$377.7 million). This represented a 0.9% increase over the previous valuation of S$8,725.1 million as at 31 March 2023, mainly due to the acquisition of the Osaka Data Centre.
The Valuations (summarised in Appendix A) will be reflected in the financial statements of MIT for the financial year ended 31 March 2024.
The reports for these Valuations will be available for inspection, by prior appointment at the Manager's registered office during business hours, for three months from the date of this announcement.
For enquiries and inspection appointments, please contact:
Melissa Tan
Director, Investor Relations and Sustainability
DID: +65 6377 6113
Email:melissa.tanhl@mapletree.com.sg
Cheng Mui Lian
Senior Manager, Investor Relations and Sustainability
DID: +65 6377 4536
Email:cheng.muilian@mapletree.com.sg
- Based on applicable March 2024 month end exchange rate of S$1.00 to JPY 110.9.
- The valuation of the Osaka Data Centre at JPY 52.3 billion had assumed the completion of the four phases of fit out works at the scheduled timings on a 100% basis. As at 31 March 2024, the valuation of the Osaka Data Centre at JPY 41.9 billion was based on the building and the completion of Phase 1 and 2 fit out works on 100% basis.
2
By order of the Board Wan Kwong Weng Joint Company Secretary
Mapletree Industrial Trust Management Ltd. (Company Registration No. 201015667D) As Manager of Mapletree Industrial Trust
Important Notice
The value of units in MIT ("Units") and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by the Manager, or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested.
Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that Unitholders of MIT may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.
The past performance of MIT is not necessarily indicative of the future performance of MIT.
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APPENDIX A | |||||||||||||
VALUATION OF PROPERTIES IN NORTH AMERICA | |||||||||||||
S/No. | State | Property Name / Address | Valuation as at | ||||||||||
31 March 2024 | |||||||||||||
(US$) | |||||||||||||
UNITED STATES | |||||||||||||
1 | 2005 | East Technology Circle, Tempe | 22,860,000 | ||||||||||
2 | Arizona | 2055 | East Technology Circle, Tempe6 | 54,000,000 | |||||||||
3 | 2601 | West Broadway Road, Tempe | 21,900,000 | ||||||||||
4 | 400 Holger Way, San Jose | 53,500,000 | |||||||||||
5 | 1400 | Kifer Road, Sunnyvale | 48,700,000 | ||||||||||
6 | 2301 | West 120th Street, Hawthorne | 118,100,000 | ||||||||||
California | |||||||||||||
Gold Camp Drive, Rancho Cordova | |||||||||||||
7 | 3065 | 28,900,000 | |||||||||||
8 | 7337 | Trade Street, San Diego | 153,550,000 | ||||||||||
9 | 11085 Sun Center Drive, Rancho Cordova | 28,200,000 | |||||||||||
10 | 8534 | Concord Center Drive, Englewood6 | 57,900,000 | ||||||||||
Colorado | |||||||||||||
11900 East Cornell Avenue, Aurora6 | |||||||||||||
11 | 122,000,000 | ||||||||||||
12 | Connecticut | 6 Norden Place, Norwalk | 75,200,000 | ||||||||||
13 | 180 Peachtree Street NW, Atlanta | 265,000,000 | |||||||||||
14 | 250 Williams Street NW, Atlanta | 218,400,000 | |||||||||||
15 | 375 Riverside Parkway, Lithia Springs6 | 107,000,000 | |||||||||||
Georgia | |||||||||||||
Windward Concourse, Alpharetta | |||||||||||||
16 | 1001 | 71,600,000 | |||||||||||
17 | 2775 | Northwoods Parkway, Norcross | 9,700,000 | ||||||||||
18 | 11650 Great Oaks Way, Alpharetta | 23,500,000 | |||||||||||
19 | 1501 | Opus Place, Downers Grove | 53,100,000 | ||||||||||
Illinois | |||||||||||||
Alft Lane, Elgin | |||||||||||||
20 | 2441 | 20,400,000 | |||||||||||
21 | Indiana | 505 West Merrill Street, Indianapolis | 11,800,000 | ||||||||||
22 | 115 Second Avenue, Waltham6 | 64,100,000 | |||||||||||
Massachusetts | |||||||||||||
400 Minuteman Road, Andover | |||||||||||||
23 | 53,100,000 | ||||||||||||
24 | Michigan | 5225 | Exchange Drive, Flint | 12,500,000 | |||||||||
25 | 3255 | Neil Armstrong Boulevard, Eagan | 12,600,000 | ||||||||||
Minnesota | |||||||||||||
- 5510 Feltl Road, Minnetonka | |||||||||||||
26 | 5400 | 26,000,000 | |||||||||||
6 The 10 powered shell data centres are held through a 50:50 joint venture with MIPL in MRODCT.
4
S/No. | State | Property Name / Address | Valuation as at | |||||||||
31 March 2024 | ||||||||||||
(US$) | ||||||||||||
27 | 2 Christie Heights Street, Leonia | 11,800,000 | ||||||||||
New Jersey | ||||||||||||
200 Campus Drive, Somerset | ||||||||||||
28 | 16,900,000 | |||||||||||
29 | 1400 | Cross Beam Drive, Charlotte | 26,000,000 | |||||||||
30 | North Carolina | 1805 Center Park Drive, Charlotte | 36,800,000 | |||||||||
31 | 5150 | McCrimmon Parkway, Morrisville | 32,500,000 | |||||||||
32 | 4726 | Hills and Dales Road NW, Canton | 15,600,000 | |||||||||
Ohio | ||||||||||||
Governors Hill Drive, Cincinnati | ||||||||||||
33 | 8700 | 16,400,000 | ||||||||||
34 | Oklahoma | 4121 | & 4114 Perimeter Center Place, | 62,700,000 | ||||||||
Oklahoma City | ||||||||||||
35 | 630 Clark Avenue, King of Prussia | 24,500,000 | ||||||||||
Pennsylvania | ||||||||||||
Kubach Road, Philadelphia | ||||||||||||
36 | 2000 | 19,000,000 | ||||||||||
37 | South Carolina | 10309 Wilson Boulevard, Blythewood | 25,000,000 | |||||||||
38 | 402 Franklin Road, Brentwood | 107,900,000 | ||||||||||
Tennessee | ||||||||||||
Carothers Parkway, Franklin | ||||||||||||
39 | 4600 | 31,900,000 | ||||||||||
40 | 700 Austin Avenue, Waco | 16,100,000 | ||||||||||
41 | 1221 | Coit Road, Plano | 33,300,000 | |||||||||
42 | 3300 | Essex Drive, Richardson | 22,500,000 | |||||||||
Texas | ||||||||||||
South Bowen Road, Arlington | ||||||||||||
43 | 5000 | 4,100,000 | ||||||||||
44 | 13831 Katy Freeway, Houston | 93,000,000 | ||||||||||
45 | 17201 Waterview Parkway, Dallas6 | 15,000,000 | ||||||||||
46 | 1755 | & 1757 Old Meadow Road, McLean | 64,400,000 | |||||||||
47 | 1764A Old Meadow Lane, McLean | 54,300,000 | ||||||||||
48 | 8011 | Villa Park Drive, Richmond | 241,400,000 | |||||||||
49 | 21110 Ridgetop Circle, Sterling6 | 68,100,000 | ||||||||||
50 | Virginia | 21561-21571 Beaumeade Circle, Ashburn6 | 68,600,000 | |||||||||
51 | 21744 Sir Timothy Drive, Ashburn7 | 486,000,000 | ||||||||||
52 | 21745 Sir Timothy Drive, Ashburn7 | 512,000,000 | ||||||||||
53 | 44490 Chilum Place, Ashburn7 | 152,000,000 | ||||||||||
54 | 45901-45845 Nokes Boulevard, Sterling6 | 78,500,000 | ||||||||||
7 MRODCT, a 50:50 joint venture between MIT and MIPL, holds an 80% interest in the three fully fitted hyperscale data centres.
5
S/No. | State | Property Name / Address | Valuation as at | ||||||||
31 March 2024 | |||||||||||
(US$) | |||||||||||
55 | Wisconsin | N15W24250 Riverwood Drive, Pewaukee | 24,200,000 | ||||||||
CANADA | |||||||||||
56 | Ontario | 6800 Millcreek Drive, Mississauga6 | 34,100,000 | ||||||||
TOTAL VALUATION (ON A 100% BASIS) | 4,128,210,000 | ||||||||||
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VALUATION OF PROPERTIES IN SINGAPORE
S/No. | Property / | Address | Valuation as at | ||||||||||
Cluster Name | 31 March 2024 | ||||||||||||
(S$) | |||||||||||||
1 | 7 Tai Seng Drive | 7 | Tai Seng Drive | 107,400,000 | |||||||||
2 | 19 Tai Seng Drive | 19 | Tai Seng Drive | 23,400,000 | |||||||||
3 | Mapletree Sunview 1 | 12 | Sunview Drive | 74,600,000 | |||||||||
4 | STT Tai Seng 1 | 35 | Tai Seng Street | 73,300,000 | |||||||||
Data Centres Sub-Total | 278,700,000 | ||||||||||||
5 | 1 & 1A Depot Close | 1 | & 1A Depot Close | 415,900,000 | |||||||||
6 | 18 Tai Seng | 18 | Tai Seng Street | 221,000,000 | |||||||||
7 | 30A Kallang Place | 30A Kallang Place | 98,500,000 | ||||||||||
8 | K&S Corporate | 23A Serangoon North Avenue 5 | 72,800,000 | ||||||||||
Headquarters | |||||||||||||
9 | Mapletree Hi-Tech | 161, 163 & 165 Kallang Way | 291,000,000 | ||||||||||
Park @ Kallang Way | |||||||||||||
10 | Serangoon North | 6 | Serangoon North Avenue 5 | 201,000,000 | |||||||||
11 | Toa Payoh North 1 | 970, 978, 988 & 998 Toa Payoh North | 91,200,000 | ||||||||||
12 | Woodlands Central | 33 | & 35 Marsiling Industrial Estate Road 3 | 122,700,000 | |||||||||
Hi-Tech Buildings Sub-Total | 1,514,100,000 | ||||||||||||
13 | The Signature | 51 | Changi Business Park Central 2 | 138,900,000 | |||||||||
14 | The Strategy | 2 | International Business Park | 274,100,000 | |||||||||
15 | The Synergy | 1 | International Business Park | 120,100,000 | |||||||||
Business Park Buildings Sub-Total | 533,100,000 | ||||||||||||
16 | Chai Chee Lane | 510, 512 & 514 Chai Chee Lane | 149,800,000 | ||||||||||
17 | Changi North | 11 | Changi North Street 1 | 19,300,000 | |||||||||
18 | Clementi West | 1 | Clementi Loop | 29,400,000 | |||||||||
19 | Kaki Bukit | 2, 4, 6, 8 & 10 Kaki Bukit Avenue 1 | 217,000,000 | ||||||||||
20 | Kallang Basin 1 | 5 | & 7 Kallang Place | 11,300,000 | |||||||||
21 | Kallang Basin 2 | 9 | & 11 Kallang Place | 20,300,000 | |||||||||
22 | Kallang Basin 3 | 16 | Kallang Place | 62,900,000 | |||||||||
23 | Kallang Basin 4 | 26, 26A, 28 & 30 Kallang Place | 62,200,000 | ||||||||||
24 | Kallang Basin 5 | 19, 21 & 23 Kallang Avenue | 46,200,000 | ||||||||||
25 | Kallang Basin 6 | 25 | Kallang Avenue | 35,300,000 | |||||||||
26 | Kampong Ampat | 171 Kampong Ampat | 125,400,000 | ||||||||||
7
S/No. | Property / | Address | Valuation as at | ||||||||
Cluster Name | 31 March 2024 | ||||||||||
(S$) | |||||||||||
27 | Kampong Ubi | 3014A, 3014B & 3015A Ubi Road 1 | 132,700,000 | ||||||||
28 | Kolam Ayer 1 | 8, 10 & 12 Lorong Bakar Batu | 73,500,000 | ||||||||
29 | Kolam Ayer 5 | 1, 3 & 5 Kallang Sector | 95,700,000 | ||||||||
30 | Loyang 1 | 30 Loyang Way | 74,000,000 | ||||||||
31 | Loyang 2 | 2, 4 & 4A Loyang Lane | 44,900,000 | ||||||||
32 | Redhill 1 | 1001, 1001A & 1002 Jalan Bukit Merah | 46,500,000 | ||||||||
33 | Redhill 2 | 1003 & 3752 Bukit Merah Central | 40,500,000 | ||||||||
34 | Tiong Bahru 1 | 1090 Lower Delta Road | 15,800,000 | ||||||||
35 | Tiong Bahru 2 | 1080, 1091, 1091A, 1092 & 1093 Lower | 53,100,000 | ||||||||
Delta Road | |||||||||||
36 | Toa Payoh North 2 | 1004 Toa Payoh North | 16,400,000 | ||||||||
37 | Toa Payoh North 3 | 1008 & 1008A Toa Payoh North | 20,500,000 | ||||||||
Flatted Factories Sub-Total | 1,392,700,000 | ||||||||||
Woodlands Spectrum 1 | |||||||||||
Woodlands | 2 Woodlands Sector 1 | ||||||||||
38 | Woodlands Spectrum 2 | 519,000,000 | |||||||||
Spectrum 1 & 2 | |||||||||||
201, 203, 205, 207, 209 & 211 Woodlands | |||||||||||
Avenue 9 | |||||||||||
Stack-up/Ramp-up Buildings Sub-Total | 519,000,000 | ||||||||||
39 | 2A Changi North | 2A Changi North Street 2 | 10,900,000 | ||||||||
Street 2 | |||||||||||
40 | 26 Woodlands Loop | 26 Woodlands Loop | 25,300,000 | ||||||||
41 | 45 Ubi Road 1 | 45 Ubi Road 1 | 17,000,000 | ||||||||
Light Industrial Buildings Sub-Total | 53,200,000 | ||||||||||
TOTAL | 4,290,800,000 | ||||||||||
8
VALUATION OF A PROPERTY IN JAPAN
S/No. | Property / | Address | Valuation as at | ||||||||
Cluster Name | 31 March 2024 | ||||||||||
(JPY) | |||||||||||
1 | Osaka Data Centre | 2-4, and 2-5, Oyodonaka 3-chome, | 52,300,000,000 | ||||||||
Kita-ku, Osaka | |||||||||||
TOTAL VALUATION (ON A 100% BASIS) | 52,300,000,000 | ||||||||||
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Disclaimer
Mapletree Industrial Trust published this content on 25 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2024 12:30:08 UTC.
