SINGAPORE - Mapletree Commercial Trust is proposing to buy a business park in Pasir Panjang at an agreed property value of $1.55 billion from Heliconia Realty, a direct wholly-owned subsidiary of Mapletree Investments, MCT's sponsor.
The property comprises Mapletree Business City 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. The acquisition will consolidate MCT's ownership over the entire development of MBCD, which also comprises Mapletree Business City , a four-block office and business park complex at 10, 20, and 30 Pasir Panjang Road already acquired by the trustee from the sponsor in 2016.
The acquisition is subject to approvals from MCT unitholders at an Oct 15 meeting and a successful equity fundraising. Details of the equity fundraising, including the issue price of new units, will be announced later.
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