MAPLETREE Industrial Trust : ME8U 0% (MIT) plans to distribute some S$13 million of gains from divesting its Tanglin Halt Cluster over the next four quarters, its manager said on Friday (Apr 26).
MIT completed the divestment of 115A & 115B Commonwealth Drive, Singapore – referred to as the Tanglin Halt Cluster – at a sale price of S$50.6 million last month. The sale price represented an 8.4 per cent premium above book value.
“Relative to our original cost, plus our capitalised cost, we have gains of roughly S$13 million,” said Tham Kuo Wei, chief executive of the real estate investment trust (Reit) manager at an earnings briefing.
