Mapletree North Asia Commercial acquires Greater Tokyo office properties for $355m
Mapletree North Asia Commercial Trust (MNACT) has entered a deal to acquire 98.47 percent of two multi-tenanted office properties in Greater Tokyo, from its sponsor, Mapletree Investments, for S$482.5 million ($355 million).
“A key focus for the manager is to continue to accelerate the income diversification of MNACT through acquisitions. The proposed acquisition of the two office towers in Greater Tokyo will contribute to the diversification of MNACT and at the same time, reduce the income and asset concentration of Festival Walk,” said Cindy Chow, CEO of the REIT’s manager, in a statement with the a filing to Singapore Exchange.
“The properties in Japan are freehold and provide a relatively higher yield spread against the local cost of funds compared to the Greater China market,” she added. “Well-located in attractive office hubs in the Greater Tokyo area and with convenient access to public transport nodes, the properties have good specifications and are