Mapletree Industrial Trust (MINT)’s ME8U third-largest tenant has initiated bankruptcy proceedings.
On June 4, the tenant began a pre-arranged court-supervised process under Chapter 11 of the United States Bankruptcy Code in the US Bankruptcy Court for the District of New Jersey.
The tenant is the REIT’s third-largest tenant, contributing about 3.2% of the REIT’s monthly gross rental income (GRI) as at March 31. Upon the REIT’s completion of the acquisition of the newly built data centre in Osaka, Japan, the tenant would be MINT’s fourth-largest tenant, accounting for 3.0% of the REIT’s enlarged portfolio by GRI.
A global colocation provider, the tenant currently occupies space in eight data centres located across North America. Of the eight, seven of them are held under the Mapletree Rosewood Data Centre Trust, a 50:50 joint venture (JV) with Mapletree Investments Pte Ltd.
According to MINT, the tenant has met its full rental obligations for the month of April and has partly fulfilled its rental obligations for the month of May. The REIT is pursuing the balance of the outstanding rental payments for the latter.
As at March 31, MINT has over 2,300 tenants across its 141 properties in North America and Singapore.
See also: Digital Core REIT's second-largest customer Cyxtera files for bankruptcy
As at 9.49am, units in MINT are trading 1 cent higher or 0.45% up at $2.23. These include the 92.59 million new units that were issued at 9am today with an issue price of $2.12.
