Singapore-listed Mapletree North Asia Commercial Trust (MNACT) has plans to buy an office building in Tokyo, which is fully occupied by Hewlett-Packard Japan, for JPY 38.8 billion ($350 million). The seller is Tokyo-based developer Hulic.
MNACT will acquire an effective interest of 98.47 percent in the nine-story office block in Tokyo’s Koto ward, while the remaining stake will be owned by Mapletree Investments Japan KK, a wholly owned local subsidiary of the trust’s sponsor, Temasek Holdings–backed Mapletree Investments.
The asset totals 14,311 square meters (154,047 square feet).
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