SINGAPORE (July 19): HP is known worldwide for its technology-related products. But to Singapore, it is also a long-time investor and big employer. As the company moves its operating facilities and offices around the island, it will likely leave its mark on its landlord’s portfolio, many of whom are locally listed real estate investment trusts (REITs).

One of the most obvious winners is Mapletree Industrial Trust (MINT), which is close to completing a built-to-suit (BTS) project for HP on Depot Road. MINT secured the deal in March 2014 and said then that it would cost $250 million to develop, including the $56 million land cost. The first phase of the new 824,500 sq ft development will complete in 4Q2016, ahead of the original timetable and at a lower cost of $226 million.

The new building will have facilities for manufacturing, product and software development as well as offices. The second phase is scheduled for completion in 2Q2017. HP will be taking up a lease of 10½ years at the Depot Road facility, with two extensions of five years each.

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