Arcapita forms JV with Mapletree

Arcapita Bank, a leading international investment company headquartered in Bahrain, and Mapletree Investments, a Singapore-based real estate company, have become joint venture partners in Mapletree Industrial Trust (MIT), a private real estate fund, which holds $1.3 billion (Dh4.7bn) portfolio of high-rise, ready-built industrial properties in Singapore.

Arcapita will hold a 56.5 per cent stake in MIT, while Mapletree will hold a 25.1 per cent stake.

The balance will be held by Mapletree Industrial Fund, a pan-Asian private real estate industrial fund sponsored by Mapletree.

The portfolio comprises a wide range of differing industrial properties, including 39 blocks of flatted factories, 12 amenity centres, six stack-up and one ramp-up buildings, three multi-tenanted business park buildings and one warehouse building.

Atif A Abdulmalik, Chief Executive Officer of Arcapita, said "Mapletree is one of Singapore's most prominent real estate companies and is well placed to oversee the management of the portfolio. We believe that this collection of properties represents a high quality opportunity for our investors, who continue to show interest in the high growth markets of Asia."

Hiew Yoon Khong, CEO of Mapletree, said: "We are pleased to have Arcapita as our joint venture partner in MIT, which demonstrates support for our view that this is a high quality portfolio of real estate. We will explore the possibility of listing this portfolio."