MI-REIT MAKES 10TH ACQUISITION SINCE IPO WITH PURCHASE OF 135 JOO SENG FOR S$25.0 MILLION

– Increases FY2008 DPU by 0.27 cents per unit and FY2009 DPU by 0.27 cents per unit

Singapore, 29 November 2007 – MacarthurCook Investment Managers (Asia) Limited (“MCKIM Asia”), the Manager of MacarthurCook Industrial REIT ( “MI-REIT” ), is pleased to announce that MI-REIT, through its Trustee, HSBC Institutional Trust Services (Singapore) Limited ( the “Trustee” ), has signed a sale and purchase agreement to acquire an office and warehouse facility in the Tai Seng industrial precinct for a total consideration of S$25.0 million.

Under the agreement, Powermatic Data Systems Limited (“Powermatic”), a publicly company listed on the Singapore Exchange, will leaseback 135 Joo Seng Road for five years with the option to extend for another five years. The lease will commence upon completion of the acquisition, which is scheduled for February 2008.

Powermatic is a high end manufacturer and distributor of computer hardware and software products in Asia, Europe and the United States.

135 Joo Seng was transacted at the initial yield of 7.3%, and will be accretive to MI-REIT’s distribution per unit (“DPU”) following completion. The pro forma financial effect(1) of the acquisitions on DPU is:

– an additional 0.27 Singapore cents per unit, representing an increase of 3.64% from the forecast(2) FY2008 DPU of 7.41 Singapore cents per unit for the financial year ended 31 March 2008 (“FY2008”); and

– an additional 0.27 Singapore cents per unit, representing an increase of 3.56% from the forecast FY2009 DPU of 7.59 Singapore cents per unit for the financial year ended 31 March 2009 (“FY2009”).

(1) On an annualized basis. Assuming MI-REIT has purchased, held and operated the properties for the financial year ending 31 March 2008 (“FY2008”) and that the acquisitions are 100% debt funded. The impact of previously announced acquisitions is not included in this calculation.
(2) No comparisons against a corresponding period in the previous year can be made as no pro forma financials are available. SGX-ST had granted MI-REIT a waiver from the requirement to prepare historical pro forma statements of total return, cash flow statements and balance sheets for the purpose of its initial public offering.

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