Carter Validus Mission Critical REIT, Inc. (the "Company") has announced that it sold a 14-property data center portfolio (the "Portfolio") for $750,000,000, to an affiliate of Mapletree Investments Pte Ltd, a Singapore headquartered real estate development, investment, and capital management company and Mapletree Industrial Trust, a Singapore Exchange listed real estate investment trust (collectively, "Mapletree"). The aggregate net book value of the Portfolio, inclusive of one joint venture interest, as held on the Company's balance sheet, including intangible assets recorded upon acquisition of the properties and straight-line rent receivable, was approximately $598,000,000 as of September 30, 2017. The Company repaid approximately $170,000,000 in property and company level principal debt in conjunction with the sale of the Portfolio.
"We are pleased with the completion of this sale of the Portfolio to Mapletree, which we strategically assembled over a period of years through on- and off- market acquisitions, and represents a notable gain for the Company. We enjoyed the professionalism demonstrated by Mapletree throughout the transaction, and look forward to a continuing relationship with Mapletree," stated Michael A. Seton, president of the Company.
"We believe the sale of the Portfolio to Mapletree represents another step towards our ultimate goal of providing value to our stockholders. The Company is actively evaluating how to best deploy the proceeds from our capital transactions, including potentially paying a special distribution to our stockholders," stated John E. Carter, chief executive officer of the Company.
Moelis & Company LLC acted as lead financial advisor to the Company, along with KeyBanc Capital Markets Inc. and SunTrust Robinson Humphrey, Inc. acting as co-advisors, and Morris, Manning & Martin, LLP serving as legal counsel to the Company.