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MAPLETREE Industrial Trust (MIT)

ExDiv 06May 3.09c payable 12Jun

 

Mapletree Investments sells mid-shallow bay logistics portfolio to Dalfen Industrial for US$207.5 million

The portfolio includes 19 warehouse assets across key US distribution markets in Texas, Illinois, Ohio and Indiana

[SINGAPORE] Mapletree Investments sold a 1.3 million square foot mid-shallow bay logistics portfolio to Dalfen Industrial for US$207.5 million.

The transaction marks the group&rsquo s fifth warehouse portfolio divestment in the US. It comes after the completion of nearly US$1.3 billion in total logistics asset sales since June 2025.

The divested assets were held under Mapletree US & EU Logistics Private Trust, a closed-end private fund launched in 2019. At its inception, the fund had a diversified pan-American and pan-European portfolio totalling US$4.3 billion in assets under management.

Mapletree said on Wednesday (Apr 1) that the original portfolio comprised 262 strategically located assets, which are well connected to transportation nodes and benefit from &ldquo robust demand&rdquo across sectors including e-commerce, third-party logistics and consumer products.

The divestment represents the fifth successful exit for Mapletree US & EU Logistics Private Trust&rsquo s investors.

Mapletree US chief executive Richard Prokup said: &ldquo As we redeploy capital, we are prioritising development opportunities that meaningfully advance the scale and competitiveness of our national industrial pipeline.&rdquo

The group&rsquo s mid-shallow bay logistics portfolio includes 19 warehouse assets across key US distribution markets: 13 in Dallas-Fort Worth, Texas four in Chicago, Illinois and one each in Cincinnati, Ohio and Indianapolis, Indiana.

Overall, Mapletree owns and manages more than 66 million sq ft of industrial assets across the US, with a development pipeline of an estimated 2.6 million sq ft.

Since entering the US real estate market in 2014, the group has built a diverse portfolio spanning logistics, data centre, office, student housing and multifamily properties. As at Mar 31, 2025, the US accounted for an estimated 25 per cent of the group&rsquo s total assets under management, valued at over US$60.1 billion.

This is Dalfen Industrial&rsquo s first transaction with Mapletree. Dalfen Industrial is a real estate investment manager specialising in the acquisition, development and operation of last mile industrial properties.

Sean Dalfen, president and CEO of Dalfen Industrial, said the acquisition provides &ldquo immediate scale&rdquo in one of the company&rsquo s &ldquo highest conviction submarkets&rdquo in Dallas-Fort Worth and the Midwest.

&ldquo The portfolio&rsquo s infill locations, diversified tenancy and embedded mark-to-market opportunity align seamlessly with our strategy of aggregating last-mile industrial product in supply-constrained nodes.&rdquo

 

CapitaLand-Mapletree merger &lsquo good move&rsquo but &lsquo complex&rsquo to appoint execs: ARA co-founder John Lim

The rumoured merger between CapitaLand Investment (CLI) and the unlisted Mapletree Investments would be a &ldquo good move&rdquo , says John Lim, the industry veteran who co-founded real estate fund manager ARA Asset Management in 2002.

&ldquo Size is important,&rdquo says the pioneer of Singapore REITs (S-REITs) on the sidelines of the Asia Pacific Real Assets Association (Aprea) Singapore conference on March 25. &ldquo At $30, $40, $50 billion in [assets under management (AUM)], compared with the global players, you are very small. $100 billion at least, and you can have a seat at the adults&rsquo table.&rdquo

CLI claims to have $125 billion in &ldquo funds under management&rdquo (FUM) as at end-2025, while Mapletree Investments manages $80.3 billion of assets as at March 2025. The former aims to achieve $200 billion FUM by 2028, while the latter aims to reach between $100 billion and $120 billion in AUM by March 31, 2029.

There are economies of scale in a CapitaLand-Mapletree merger, says Lim, who co-founded Suntec REIT. &ldquo The asset classes are very similar, the management style is also very similar &mdash all Temasek policies and all that. When you put them together, you form a much stronger, bigger entity that you can go and compete with the world.&rdquo

The biggest challenge, however, is people. Lim speaks from experience, after ESR Group acquired ARA in 2022 to become one of the world&rsquo s largest real estate investment managers. &ldquo The concept actually makes sense, but it&rsquo s [about] the people &mdash who&rsquo s going to run it, who&rsquo s going to chair, who&rsquo s going to [sit on the] board? I think that&rsquo s very complex [with] a lot of politics.&rdquo

Both CLI and Mapletree Investments have &ldquo powerful CEOs&rdquo , adds Lim, referring to CLI&rsquo s Lee Chee Koon and Mapletree&rsquo s Hiew Yoon Khong. &ldquo Who&rsquo s going to take over? Who&rsquo s going to be chairman?&rdquo

&lsquo Allow local REITs to expand&rsquo

Size matters, and the Singapore Exchange (SGX) should focus on helping existing S-REITs grow instead of courting more new listings, says Lim, chairman of JL Family Office and Aprea. &ldquo Allow our local REITs to expand. What&rsquo s the point of another [S-REIT]?&rdquo

Lim hopes the regulators can introduce policies that encourage &ldquo big&rdquo S-REITs like Suntec REIT and CapitaLand Ascendas REIT to acquire foreign assets. &ldquo Now is a good time [foreign assets are] cheap, right? These are big REITs with already $10, $20 billion [AUM], another $2, $3 billion is nothing, right?&rdquo

With choice acquisitions, the 39 S-REITs can &ldquo easily&rdquo bring its collective market capitalisation from US$82.1 billion (as at February) to US$120 billion, adds Lim. &ldquo People always think I must do more launches or IPO. I say, &lsquo Why? The Singapore market is so small there are no more new assets.&rsquo &rdquo

Launching S-REITs with &ldquo $500 million or $700 million&rdquo portfolios is a &ldquo waste of time&rdquo , says Lim. &ldquo To me, a sizeable REIT needs at least a $10 billion asset base&hellip All those [S-REITs with] $1 billion asset bases are wasting time you cannot grow.&rdquo

The SGX is host to a number of &ldquo orphan REITs&rdquo , as Lim puts it. &ldquo They are listed [but have] no liquidity and they do nothing. Merge all these REITs into bigger REITs, then set up policies and guidelines to allow the local REITs to go out and acquire more assets. That&rsquo s how we grow our Singapore [market], but it seems like nobody is doing it. But never mind, I have retired already.&rdquo

 

Mapletree leans into core strength in US logistics as it winds down student housing fund

Disruptions such as trade tariffs have driven US logistics demand as more warehouse space is being leased on reshoring and supply chain adjustments

[SINGAPORE] Mapletree Investments is leaning on its strength in logistics to generate returns in its US private funds, even as the Temasek-owned asset manager winds down an underperforming global student housing fund.

Market conditions for logistics real estate in the US are stable, with early signs of improving demand, Mapletree US chief executive Richard Prokup told  The Business Times. Rents are expected to be marked up and net property income to improve, with the logistics funds on track to deliver targeted returns, he said in an exclusive interview.

Mapletree owns and manages more than 66 million square feet (sq ft) of industrial assets across the US, where its portfolios span logistics, data centre, office, student housing and multifamily properties. Prokup oversees the group&rsquo s non-real estate investment trust (Reit) businesses in the US.

As at end-March 2025, the US is Mapletree&rsquo s largest market, accounting for about 25 per cent of the group&rsquo s total assets under management, valued at about US$60.1 billion. 

Three private funds hold the bulk of its US assets under the Mapletree US & EU Logistics Private Trust (MUSEL), Mapletree US Logistics Private Trust (MUSLOG), and Mapletree US Income Commercial Trust (MUSIC). Its US data centres are held under the Singapore-listed Mapletree Industrial Trust : ME8U 0%, while its Mapletree Global Student Accommodation Trust (MGSA) contains both US and United Kingdom student housing assets.

News of MGSA&rsquo s underperformance came to light last week, when it emerged that Mapletree was winding down the fund that, at inception in 2017, had assets of US$1.3 billion.

Its net internal rate of return by the end of last year was just 1.1 per cent, short of its initial target of 12 per cent, reported Bloomberg, and assets are likely to be liquidated at steep discounts.

While MGSA struggled to return capital to investors, MUSEL has divested more than US$1.2 billion in assets since 2025, with the fund on track to deliver its targeted 12 per cent internal rate of return to investors, said Prokup.

Meanwhile, MUSLOG has posted &ldquo strong operational performance&rdquo , with rising occupancy and lease reversions exceeding 25 per cent across five million sq ft of space.

&ldquo Returning capital to investors is critical in order for us to move forward,&rdquo said Prokup. &ldquo On the properties we&rsquo ve crystallised, we&rsquo ve exceeded those internal rate of returns &ndash it&rsquo s double digits. So far, we are performing in excess of what we promised our investors.&rdquo

Disruptions such as trade tariffs have driven US logistics demand, as reshoring and supply chain adjustments push manufacturers and retailers to lease more warehouse space.

In 2025, absorption of logistics spaces jumped from nearly zero in the first half to over 70 million sq ft in Q4, said Prokup.

&ldquo We&rsquo ve had large vacancies across some of our funds, and nearly every single one has been taken up,&rdquo he said.

&ldquo Of those, approximately 70-75 per cent of those leases are somehow related to the tariffs &ndash computer manufacturers who previously produced overseas and are now moving onshore, and tenants whose clients previously relied on the de minimis exemption, which has been eliminated, meaning those goods now have to go through traditional warehousing.&rdquo

He added: &ldquo Combining robust demand with the diminishing supply of new space, we think we&rsquo re looking at some really strong years ahead&hellip I don&rsquo t see headwinds right now &ndash I see tailwinds.&rdquo

On average, existing leases in both MUSEL and MUSLOG continue to have rental rates that are below current market rates.

&ldquo We therefore expect to see increasing net property income over the next several years, as we take advantage of this mark-to-market opportunity. We also anticipate capitalisation rate compression over the next 12 to 24 months due to capital markets demand in this sector.&rdquo

In March this year, Mapletree US divested its fourth US logistics portfolio to EQT Real Estate for US$575 million. This followed US$691.1 million in total US logistics assets sales done in 2025.

Some 24 assets sold were held under MUSEL, a closed-end private fund launched in 2019 with a pan-American and pan-European portfolio totalling US$4.3 billion in assets under management at the fund&rsquo s inception.

&ldquo Last year, we began monetising some of our funds. We plan to sell approximately US$1.5 billion worth of property for this fiscal year, and on those sales, we are exceeding our committed returns &ndash even in the face of capital market headwinds from rising interest rates. Over the seven-year hold of these properties, we&rsquo re exceeding our underwritten return,&rdquo said Prokup.

Moving ahead, &ldquo the focus is on taking advantage of the undersupply of new space and increasing demand &ndash and in our view, that lends itself to development&rdquo . he said.

Mapletree currently has around US$500 million of development properties under construction in the US, with completions expected from the second half of 2026 till 2027.

&ldquo We&rsquo ve accumulated a pipeline of development properties currently sitting on our balance sheet&hellip The intention is to have some sort of vehicle in place for these properties over the next 12 months &ndash and a fund is one possible structure,&rdquo said Prokup.

&ldquo We think we&rsquo re positioned to achieve above-market returns.&rdquo

For the group&rsquo s office-focused MUSIC fund, Mapletree is betting on fresh signs of recovery following a prolonged downturn.

&ldquo There&rsquo s no question that work-from-home has hit US offices,&rdquo said Prokup. While the office sector has remained challenging due to Covid-19, high interest rates and capitalisation rates, rental rates in most markets are stabilising, with selective improvements in stronger assets, he said.

He expects further improvement in the office portfolio as more companies mandate employee returns to the workplace. Capitalisation rates are gradually declining as investor confidence returns. In Dallas, for example, Mapletree has leased more than 560,000 sq ft at Galatyn Commons, an office building in Texas, bringing occupancy to 99 per cent.

&ldquo In the current environment, we are managing the cycle responsibly through disciplined capital management and prudent asset-level execution,&rdquo Prokup said.

&ldquo Rather than strictly chasing growth in assets under management, our focus is on driving operating excellence and improving leasing performance of our assets to generate returns in a challenging landscape.&rdquo

On acquisition targets, Mapletree has an &ldquo aggressive&rdquo budget to acquire both development properties and stabilised assets in the US. &ldquo In the upcoming fiscal year, we plan to get back out and start acquiring again.&rdquo

In data centres, an increasingly hot sector, &ldquo it is very difficult to transact in right now &ndash it is hard to secure the power needed to build them in the US&rdquo , said Prokup.

Mapletree Industrial Trust&rsquo s net property income and distributions dipped in its latest reporting quarter, on lease non-renewals and vacancies in its US properties. Prokup noted that some have potential for repurposing. The Reit&rsquo s manager has announced a divestment target of S$500 million to S$600 million in North America.

 

DATE OF RELEASE OF FINANCIAL RESULTS FOR THE FOURTH QUARTER AND FULL FINANCIAL YEAR 2025/2026

27 March 2026 - Mapletree Industrial Trust Management Ltd., as manager (the &ldquo Manager&rdquo ) of Mapletree Industrial Trust (&ldquo MIT&rdquo ), wishes to announce that the financial results of MIT for the Fourth Quarter and Full Financial Year 2025/2026 ending 31 March 2026 will be released after the close of trading hours on 28 April 2026.

A &ldquo live&rdquo audio webcast of the analyst briefing will be held on 29 April 2026 at 9.30am.

To participate in the webcast, please visit our website www.mapletreeindustrialtrust.com for details.   

 

Singapore disengaging from US and getting closer to Europe.

 

Mapletree acquires Dutch logistics asset, divests 25-asset US East Coast portfolio
Mapletree Investments has acquired Park 15, a newly completed 30,817 sqm (about 331,711 sq ft) logistics development in the Arnhem-Nijmegen metropolitan area in Oosterhout (Gelderland), the Netherlands.
The group entered into the forward purchase agreement with VDG Real Estate for Park 15 in January 2025, it announced on March 6.
This transaction marks the group&rsquo s second Dutch logistics acquisition, following its purchase of a 34,852 sqm logistics facility in Roosendaal in December 2025.
Park 15 features a clear height of 12.2 metres, 28 loading docks, 190 parking spaces and a maximum floor load capacity of 5,000 kg per sqm.
It is also equipped with BREEAM (Building Research Establishment Environmental Assessment Method) Excellent certification, gasfree energy supply and rooftop solar panels.
The facility is situated along the A15 (Maasvlakte&ndash Nijmegen) motorway that connects the port of Rotterdam and the Ruhr district and has direct access to the A50 (Eindhoven&ndash Arnhem) and A73 (Nijmege&ndash Venlo) motorways.
The facility is also within close proximity of the container terminal on the main branch of the Waal River, says the group.
Since its foray into the European logistics market in 2018, the group now has 83 logistics assets worth EUR1.6 billion ($2.38 billion). These properties would constitute the seed assets for Mapletree&rsquo s new logistics-focused strategy in Europe, which follows the Mapletree US & EU Logistics Private Trust (MUSEL), a closed-end private fund launched in 2019.
A day earlier, Mapletree announced that it had sold a 4.4 million sq ft industrial portfolio in the East Coast of the US to EQT Real Estate for US$575 million ($735.3 million). The sale is expected to be completed in March.
This is the group&rsquo s fourth US warehouse portfolio divestment after it sold US$691.1 million worth of logistics assets in 2025. The transaction is also the second industrial portfolio transaction Mapletree executed with EQT in the past four months.
The East Coast logistics portfolio comprises 25 warehouse assets across the region. This includes properties in Connecticut, Florida, Georgia, New Jersey, North Carolina, Pennsylvania, Tennessee, Virginia and Washington, DC.
Among the assets, 24 were held under MUSEL.
The private fund had pan-American and pan-European assets totalling US$4.3 billion in assets under management (AUM) at its inception.
The original portfolio had 262 assets that are &ldquo well-connected&rdquo to transportation nodes and benefitted from robust demand across sectors including e-commerce, third-party logistics and consumer products.
This divestment represents the successful fourth milestone of exit for investors of MUSEL. The remaining asset was held under the Mapletree US Logistics Private Trust (MUSLOG), a closed-end private fund launched in 2021.
This fund had 154 freehold logistics assets across the US, which totalled US$3.3 billion in AUM at its inception.
Richard Prokup, CEO of Mapletree US, says the divestment &ldquo reflects the successful execution of our closed-end fund strategy and illustrates the strength of our US industrial platform&rdquo . &ldquo Looking ahead, we remain confident in the logistics sector&rsquo s long-term fundamentals as we advance new development opportunities nationwide to grow our pipeline,&rdquo he adds.
As of March 31, 2025, the US accounted for approximately 25% of Mapletree&rsquo s total AUM valued at around US$60.1 billion.

 

Please also consider posting under topic title - Mapletree Logistics trust

Joelton      ( Date: 11-Mar-2026 10:30) Posted: Mapletree Logistics Trust books provision of RM28.1 million amid ongoing tax dispute in Malaysia MLT&rsquo s manager says the trust is not expected to be materially impacted by the case, which is before a High Court [SINGAPORE] The manager of Mapletree Logistics Trust (MLT) has made provisions of RM28.1 million (S$9.1 million) in its financial statements due to an ongoing tax dispute in Malaysia. The dispute involves MLT&rsquo s subsidiary MapletreeLog Malaysia Holdings, which had subscribed for junior medium-term notes issued by two Malaysian bankruptcy-remote special-purpose vehicles, Semangkuk Berhad and Semangkuk 2 Berhad. A bankruptcy-remote special-purpose vehicle is a legally separated, limited-purpose entity created to hold specific assets and to isolate financial risk from its parent company or originator. MLT&rsquo s manager had obtained tax advice then that the interest payments from these fixed-income debt securities are exempted from withholding tax. This means that the issuers are not required to deduct income tax and remit it directly to the tax authorities when making the interest payments to unitholders. So unitholders receive the full amount of interest. However, the two special-purpose vehicles received a notice in February 2024 from Malaysia&rsquo s tax authorities that they owed RM28.1 million in unpaid taxes between 2015 and 2021. MLT&rsquo s manager and the two special-purpose vehicles have received legal advice that there are valid grounds to challenge the tax notices from the Malaysian authorities, and the Malaysian entities have filed an appeal to contest them. The case is currently awaiting further hearings in the High Court of Malaysia. However, an interim stay order has been granted, pending the outcome of the hearing, and the disputed amount has not yet been paid to Malaysia&rsquo s tax authorities. As there are valid grounds to challenge the tax notice, and the stay order has temporarily halted the enforcement of the tax demand, MLT&rsquo s manager said that the provisions booked did not have an immediate cash impact on the real estate investment trust. The disputed amount had formed part of the distributions previously paid out to unitholders. The manager has also assessed that MLT is not expected to be materially impacted, if the outcome of the hearing requires the Malaysian special-purpose vehicles to pay the outstanding amount to the country&rsquo s tax authorities. Units of MLT rose 0.8 per cent, or S$0.01, to close at S$1.21 on Tuesday.

 

Mapletree Logistics Trust books provision of RM28.1 million amid ongoing tax dispute in Malaysia
MLT&rsquo s manager says the trust is not expected to be materially impacted by the case, which is before a High Court
[SINGAPORE] The manager of Mapletree Logistics Trust (MLT) has made provisions of RM28.1 million (S$9.1 million) in its financial statements due to an ongoing tax dispute in Malaysia.
The dispute involves MLT&rsquo s subsidiary MapletreeLog Malaysia Holdings, which had subscribed for junior medium-term notes issued by two Malaysian bankruptcy-remote special-purpose vehicles, Semangkuk Berhad and Semangkuk 2 Berhad.
A bankruptcy-remote special-purpose vehicle is a legally separated, limited-purpose entity created to hold specific assets and to isolate financial risk from its parent company or originator.
MLT&rsquo s manager had obtained tax advice then that the interest payments from these fixed-income debt securities are exempted from withholding tax.
This means that the issuers are not required to deduct income tax and remit it directly to the tax authorities when making the interest payments to unitholders. So unitholders receive the full amount of interest.
However, the two special-purpose vehicles received a notice in February 2024 from Malaysia&rsquo s tax authorities that they owed RM28.1 million in unpaid taxes between 2015 and 2021.
MLT&rsquo s manager and the two special-purpose vehicles have received legal advice that there are valid grounds to challenge the tax notices from the Malaysian authorities, and the Malaysian entities have filed an appeal to contest them.
The case is currently awaiting further hearings in the High Court of Malaysia.
However, an interim stay order has been granted, pending the outcome of the hearing, and the disputed amount has not yet been paid to Malaysia&rsquo s tax authorities.
As there are valid grounds to challenge the tax notice, and the stay order has temporarily halted the enforcement of the tax demand, MLT&rsquo s manager said that the provisions booked did not have an immediate cash impact on the real estate investment trust.
The disputed amount had formed part of the distributions previously paid out to unitholders.
The manager has also assessed that MLT is not expected to be materially impacted, if the outcome of the hearing requires the Malaysian special-purpose vehicles to pay the outstanding amount to the country&rsquo s tax authorities.
Units of MLT rose 0.8 per cent, or S$0.01, to close at S$1.21 on Tuesday.

 

https://bt.sg/ruDb

$EQ Mapletree Ind Tr [SGX: ME8U] has acquired Park 15, a 30,817 sq m logistics facility in the Netherlands' Arnhem-Nijmegen region, following a forward purchase agreement with VDG Real Estate signed in January 2025.

 

If not for AI bubble US may be in recession. Totally a two tier economy. MINT put too many eggs in the US basket.

 

From UOB Kay Hian

3QFY26: Persistent Weakness From North America

Highlights

We observed weakness for the North America portfolio with occupancy easing 0.3ppt qoq to 87.5% in 3QFY26. The average rental rate also slipped 1.2% yoy to US$2.45psf per month.

Existing tenants at 250 Williams Street in Atlanta and 7337 Trade Street in San Diego are unlikely to renew when their leases expire in February and May respectively. They accounted for 3.7% of MINT&rsquo s gross rental income.

Maintain HOLD and target price of S$2.22.

 

 

ExDate 4 Feb 3.17c payable 12 Mar

 

Mapletree Industrial Trust (MIT) has been assigned \"AA-\" credit ratings with a stable outlook by both Japan Credit Rating Agency (JCR) and Rating and Investment Information (R&I).

JCR has issued a \"AA-\" foreign currency long-term issuer rating, along with a \"AA-\" rating for local currency long-term issuer for MIT.

The rationale behind JCR's rating is that MIT's sponsor, Mapletree Investments, identifies data centres as one of its four core business sectors. Given that MIT's primary investment strategy focuses on acquiring data centres across various global markets, it is well-positioned to benefit from Mapletree Investment's close collaboration and continuous support in property acquisitions and management.

JCR observes that as of the end of September 2025, MIT's portfolio constitutes a \"reasonably diversified portfolio,\" with overall occupancy remaining above 90%, even as data centres in North America have experienced a slight downward trend.

Although MIT has been impacted by post-pandemic market shifts and increasing interest rates, it maintains robust leverage control and financial stability.

\"MIT is anticipated to achieve sustainable growth and maintain stable investment performance by leveraging the sponsor's extensive expertise and network in real estate investment and management,\" JCR further states.

JCR warns of an extended vacancy risk following the departure of current tenants, a factor that requires more careful consideration compared to other asset classes.

It notes that it will monitor the asset manager's initiatives, including property replacement and capital expenditure utilization, to assess whether MIT can effectively respond to these rapidly changing market demands and sustain or enhance property value and performance over the medium to long term.

Similarly, R&I indicates that its rating reflects MIT's high-quality, well-diversified portfolio that generates stable income its conservative leverage management and solid funding base and the support from its sponsor, which has strong creditworthiness and is engaged in global real estate investment and management.

\"MIT has established a high-quality, well-diversified portfolio comprising industrial properties in Singapore that yield highly stable income and data centers with strong prospects for long-term demand growth. Its financial foundation is solid, evidenced by conservative leverage management and a debt maturity profile that is well staggered over a long period. Bolstered by strong support from its sponsor, MIT has secured a leading position in the Singapore REIT market,\" R&I notes.

 

Mapletree Investments' Silver Jubilee: Growing with each cycle

https://www.theedgesingapore.com/cityandcountry/property/mapletree-investments-silver-jubilee-growing-each-cycle

 

Treasury Yields, Dollar Decline Amid Global Tension

https://www.wsj.com/finance/investing/jgb-futures-fall-as-domestic-fiscal-worries-weigh-05540b0b

 

Top 3 Blue-Chip REITs to Watch for January 2026

https://sg.finance.yahoo.com/news/top-3-blue-chip-reits-033000213.html

 

Let's get this industrial reit

 

Mapletree Industrial Trust: Acquisitions needed to drive stability

https://www.dbs.com.sg/treasures/aics/templatedata/article/recentdevelopment/data/en/DBSV/102025/MINT_SP_10302025.xml