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Sila Exits Data Center Sector with $1.3B Sale to Mapletree
Tampa-based Sila Realty Trust, formerly Carter Validus Mission Critical REIT II, has closed on the sale of a 29-property data center portfolio to subsidiaries of Mapletree Industrial Trust (MIT) for $1.32 billion. Spanning 18 states, the 3.3-million-square-foot portfolio sale marks Sila’s exit from the data-center sector in favor of its healthcare holdings, while increasing Singapore-based MIT’s North American presence in the sector to 13 of the top 15 markets.
Sila CEO Michael Seton said the sale “firmly positions” his company as a pure-play healthcare REIT. His counterpart, MIT Management Ltd. CEO Tham Kuo Wei, said, “Data centers remain resilient with attractive growth opportunities, which are underpinned by the acceleration of digitalization, cloud adoption and e-commerce during the pandemic.”
The portfolio MIT has acquired increases its data center assets under management by 64%. It’s 87.8% leased, mainly on a triple-net basis. Average weighted remaining term on the leases is 7.9 years.
- ◦Sale/Acquisition
