Mapletree Industrial Trust (MIT) has announced the sale of its data center located at 19675 West Ten Mile Road, Southfield, Michigan, to its tenant. The data center sits on 121,100 square feet (11,250 square meters) of land. In addition, the four-story facility has up to 52,940 square feet (4,900 square feet). The facility was divested to an existing tenant for $10 million.
The CEO of MIT, Tham Kuo Wei, said the company had decided to divest the property after evaluating the options available. According to him, the price offered was good, and the move shows the company’s efforts in rejuvenating and reshuffling its portfolio in the US.
The company acquired the data center in 2017 as part of the 14 data centers it bought in the country for $750m. According to MIT, the net proceeds from the sale will be used to fund working capital needs and/or reduce the company’s debt.
