Mapletree Industrial Trust - Maybank Research 2023-05-25: Maiden Data Centre Acquisition In Japan

Mapletree Industrial Trust - Maiden Data Centre Acquisition In Japan

Mapletree Industrial Trust (SGX:ME8U) | SGinvestors.ioMapletree Industrial Trust (SGX:ME8U)
  • Mapletree Industrial Trust (SGX:ME8U) will buy a newly built data centre in downtown Osaka, Japan for S$505.9m at ~4% NPI yield. The deal will be financed by a mix of JPY debt and equity fund raise (EFR). In addition, existing S$/US$ debt will be refinanced by additional JPY debt.
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  • We maintain our HOLD rating.

Attractive asset in a growth market

  • The high quality data centre (Uptime Tier III+ rating) has a power capacity of >10MW. It is 100% leased to an established data centre (DC) operator on a WALE of ~20 years (by income) and with minimal operational obligations.
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  • Underlying land has 67yrs of residual tenure.
  • The deal provides strategic entry into Japan (3rd largest APAC DC market) and into Osaka with growing hyper scaler demand as an alternative hub to Tokyo. Mapletree Industrial Trust intends to grow Japan data centre to ~10% of AUM riding the demand and favourable cost of capital.

Well-structured for DPU, NAV accretion, Planned EFR

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Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Krishna Guha Maybank Research | 2023-05-25

Read also Maybank's most recent report:
2024-04-29 Mapletree Industrial Trust - Resilient Results, Outlook Hazy.

Previous report by Maybank:
2024-01-28 Mapletree Industrial Trust - Headwind From Us Datacentres.

Price targets by 3 other brokers at Mapletree Industrial Trust Target Prices.

Listing of research reports at Mapletree Industrial Trust Analyst Reports.

Relevant links:
Mapletree Industrial Trust Share Price History,
Mapletree Industrial Trust Announcements,
Mapletree Industrial Trust Dividends & Corporate Actions,
Mapletree Industrial Trust News Articles


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