Updates

Itochu pays $15m for stake in MIT

Mapletree Investments announced that Japan's Itochu Corp has acquired a 2% stake for $15 million from Mapletree in Mapletree Industrial Trust (MIT). MIT is a private real estate fund sponsored by Mapletree set up to hold $1.71 bilion portfolio of high-rise, ready built industrial properties acquired from JTC Corp on July 1, 2008. WIth Itochu's acquisition, Mapletree's direct stake of 25.1% has reduced to 23.1%. The other stakeholders of MIT are Arcapita Bank BSC ( 56.5%) and Mapletree Industrial Fund (18.4%)

Source: THE edge magazine