| |
The MacarthurCook Industrial REIT (“MI-REIT”) is a Singapore-based REIT established with the principal objective of owning and investing in real estate that is primarily used for industrial purposes throughout Asia. These include properties used for warehousing, manufacturing and distribution activities.
For the past few months, MacarthurCook subsidiary MacarthurCook Property Investment Pte Ltd has embarked on an acquisition campaign, resulting in the acquisition of 12 industrial properties, which will form the initial portfolio of MI-REIT (“the Properties”).
The Manager of MI-REIT, MacarthurCook Investment Managers (Asia) Limited, is jointly owned by MacarthurCook Limited and United Engineers Development Pte Ltd, with interests of 92.5% and 7.5% respectively.
Its partner, United Engineers Development Pte Ltd, is a wholly-owned subsidiary of United Engineers Limited (“UEL”). UEL is listed on the SGX-ST with a market capitalisation in excess of S$600 million as at 20 March 2007. UEL is primarily engaged in three core businesses of engineering, construction and integrated facility management, and has about 5,000 staff with operations in 15 countries.
MacarthurCook’s former Head of Property, Chris Calvert, has been appointed as CEO of the Manager, and will spearhead MI-REIT’s target of S$500 million in new acquisitions each year across Asia.
|
|
