Mapletree Commercial Trust to buy S$1.55b business park from sponsor | / Property news / Mapletree Commercial Trust to buy S$1.55b business park from sponsor

Mapletree Commercial Trust to buy S$1.55b business park from sponsor

Mapletree Commercial Trust (MCT) is proposing to buy a business park in Pasir Panjang at an agreed property value of S$1.55 billion from Heliconia Realty, a direct wholly-owned subsidiary of Mapletree Investments, MCT’s sponsor.

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If completed, this could count as one of the largest acquisitions by a Singapore real estate investment trust (S-Reit) this year. S-Reits have in recent weeks been on an acquisition binge with billion-dollar purchases, amid a lower-for-longer interest rate environment.

MCT said on Friday that its trustee and a subsidiary, 80 Alexandra Pte Ltd, have entered into a conditional share purchase agreement for the proposed acquisition of the property through the purchase of shares of Mapletree Business City Pte Ltd. The property comprises Mapletree Business City (Phase 2) (MBC II) located at 40, 50, 60, 70 and 80 Pasir Panjang Road in Singapore, as well as the common premises at 10, 20 and 30 Pasir Panjang Road.

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