Move is not expected to have a material impact on the trust’s net asset value as at Mar 31, 2026
[SINGAPORE] Mapletree Pan Asia Commercial Trust (MPACT) is divesting two office buildings in Japan for 8.7 billion yen (S$78.7 million).
The consideration represents a 1.7 per cent premium against the aggregate purchase price of 8.6 billion yen, said MPACT’s manager on Wednesday (Jul 23).
Under the agreements, Abas Shin-Yokohoma will be sold at 3.3 billion yen, while TS Ikebukuro Building will be disposed for 5.4 billion yen.
Abas Shin-Yokohama is a nine-storey office building located in Yokohama city, with 34,122 square feet (sq ft) of lettable area. Its latest valuation was 3.2 billion yen.
Meanwhile, TS Ikebukuro Building is a single-tenanted nine-storey office building located in Tokyo. It has a lettable area of 43,074 sq ft. Its latest valuation was 5.7 billion yen.
As at Mar 31, 2025, both properties are fully occupied.
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“The proposed divestments reflect the manager’s ongoing portfolio reconstitution efforts to sharpen MPACT’s focus on quality assets, mitigating single-tenant risk and optimising management efficiency,” said the manager.
Proceeds from the divestment will go towards debt reduction to further improve MPACT’s balance sheet.
The disposal is expected to be completed by end-August 2026. It is not expected to have a material impact on the trust’s net asset value as at Mar 31, 2026, and net property income for FY2026.
Post-sale, MPACT’s portfolio will comprise 15 commercial properties located across five Asian markets. The assets have a total lettable area of 10.4 million square feet, independently valued at S$15.9 billion.
Units of MPACT ended Wednesday flat at S$1.28.
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