Mapletree and Arcapita Form JV Partnership to Acquire S$1.71 Billion Industrial Portfolio From JTC

Sealing the partnership: Mr Hiew Yoon Khong (left), Chief Executive Officer of Mapletree Investments Pte Ltd and Mr Martin Tan, Executive Director, Co-Global Head of Real Estate, Arcapita Bank at the Toa Payoh North industrial estate, one of the portfolio of industrial properties acquired from JTC

Singapore, 1 JULY 2008 – Mapletree Investments Pte Ltd (“ Mapletree”) and Arcapita Bank B.S.C.(c) (“Arcapita”) today announced the completion of agreements to become joint venture partners, in Mapletree Industrial Trust (“MIT”), a private real estate fund, which was set up to hold the S$1.71 billion portfolio of high-rise, ready-built industrial properties acquired from JTC Corporation (“JTC”). Arcapita will hold a 56.5% stake in MIT, while Mapletree will hold a 25.1% stake. The balance will be held by Mapletree Industrial Fund (“MIF”), a pan-Asian private real estate industrial fund sponsored by Mapletree.

The acquisition of JTC’s industrial property portfolio, which was announced in April, has now been completed. The properties, which comprise 39 blocks of flatted factories, 12 amenity centres, six stack-up and one ramp-up buildings, three multi-tenanted business park buildings (the Synergy & the Strategy at the International Business Park and the Signature at the Changi Business Park) and one warehouse building, have been officially transferred to MIT on 1 July 2008. Mapletree’s wholly-owned subsidiary, Mapletree Industrial Fund Management Pte Ltd, will manage the properties.

Mr Hiew Yoon Khong, CEO of Mapletree said, “We are pleased to have Arcapita as our joint venture partner in MIT, which is evidence of the support for our view that this is a high quality portfolio of real estate. We will explore the possibility of listing this portfolio as a REIT in due course, possibly in combination with other Mapletree industrial assets.”

Mr Atif A. Abdulmalik, CEO of Arcapita, added “We are very pleased to have formed this joint venture with Mapletree, one of Asia’s leading real estate companies. This is our first venture with Mapletree and we look forward to more partnerships in Singapore and across Asia. The acquisition of this JTC portfolio, given its scale and quality, is an excellent start for Arcapita’s Singapore office as we seek to increase our investments and presence across Asia.”

The Singapore real estate market benefits from its established position as a hub in the rapidly growing region of South-East Asia. The properties in the portfolio are attractive and well-diversified in terms of tenancy, location and asset type, and are well placed to continue to perform strongly.

END

For more information, please contact:
Mapletree Investments Pte Ltd
Mr Sonny Phua
DID: (65) 6377 6218
HP: (65) 9851 9145
Email: sonny@mapletree.com.sg

Ms Shae Hung Yee
DID: (65) 6377 6115
HP: (65) 9088 9530
Email: hyshae@mapletree.com.sg

For Arcapita Bank B.S.C.(c)
Gavin Anderson & Company, Singapore
Ms Sharon Seetho
TEL: (65) 6339 9110
HP: (65) 9009 8495
Email: sseetho@gavinanderson.com.sg


About Mapletree Investments Pte Ltd

Mapletree Investments Pte Ltd (Mapletree) is a leading real estate company in Singapore with an Asian focus. It owns real estate assets of approximately S$5.7 billion comprising office, logistics, industrial and retail/lifestyle properties and manages third party assets of S$4.8 billion across Asia.

Mapletree has extensive skills and experience in managing industrial and logistics properties and in structuring and managing REITs. It is the Sponsor for Mapletree Logistics Trust (MapletreeLog), the first Asia-focused logistics real estate investment trust in Singapore. It also holds a 40% stake in Mapletree Industrial Fund (MIF), a private real estate fund which invests in industrial real estate across Asia for yield and capital appreciation. Bahrain-based Ahli United Bank’s AUB Pan Asian Industrial Fund is a cornerstone investor in MIF. Mapletree Industrial Fund Management Pte Ltd (“MIFM”) is the Manager for both MIF and Mapletree Industrial Trust.

For more information on MIFM, please log on to www.mapletreeindustrial.com.

About Arcapita

Arcapita is headquartered in Bahrain and has offices in Atlanta, London and Singapore. The Bank is a provider of quality Shari’ah compliant alternative investments. Arcapita has completed investments with a total transaction value of approximately S$35 billion in its four lines of business: corporate investment, real estate investment, asset-based investment and venture capital. The Bank’s investors comprise high net worth individuals and institutional investors in the GCC region and South-East Asia. Arcapita is regulated by the Central Bank of Bahrain.

In January 2008 Arcapita officially opened its Singapore office, its first in Asia to expand its presence in the region and diversify its portfolio. Arcapita’s joint venture with Mapletree represents the firm’s first major investment in South-East Asia. Arcapita also has investments in other parts of Asia, including India and Japan.