Mapletree Commercial Trust 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.MAPLETREE Commercial Trust 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.
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.It has a total net lettable area of 1.2 million square feet and comprises four blocks of business park space as well as the common carpark, multi-purpose hall, retail area and common property of Mapletree Business City Development .The 2.
Including acquisition-related expenses, the total acquisition cost is around S$1.58 billion, which MCT plans to fund through a combination of debt and equity. The equity fundraising may comprise a private placement and a preferential offering, to issue up to 500 million new units in MCT. The balance of the acquisition cost will be funded by drawing down new loan facilities totalling up to S$800 million.
The property is expected to be acquired at a net property income yield of about 5 per cent, which is higher than MCT’s existing portfolio’s NPI yield of 4.7 per cent.
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: The Straits Times - 🏆 8. / 63 Read more »