Mapletree Industrial Trust to sell Minnesota data centre property for US$9.8 million
Net proceeds from the sale may be used to pare down debts and/or fund working capital requirements
Mapletree Industrial Trust (MIT) is preparing to sell a data center property in Eagan, Minnesota for approximately US$9.8 million. The property, located at 3255 Neil Armstrong Boulevard, is 87,402 square feet in size and has been fully leased to DataBank Properties since 1998. The current lease expires in September 2029, and DataBank Properties recently gave MIT notice of its intention to exercise an option to purchase the building.
MIT's manager stated that net proceeds from the sale may be used to reduce debts or fund working capital requirements. The sale price reflects a 9% premium above MIT's original purchase price of US$9 million and is 10% below an independent valuation of US$10.9 million as of March 31. DataBank Properties has already paid a deposit equivalent to 3% of the sale price, with the remaining balance due upon completion of the deal in the fourth quarter of the year.
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