Shareholders of Mapletree Commercial Trust (MCT) and Mapletree North Asia Commercial Trust (MNACT) have approved a S$4.22 billion ($3.07 billion) merger, which creates the Singapore exchange’s third largest REIT, according to a joint same-date news release from the respective managers of the trusts.
MCT will acquire all of MNACT’s issued and paid-up units to create Mapletree Pan Asia Commercial Trust (MPACT), which is expected to become the seventh-largest REIT in Asia.
The new firm will have $17.1 billion in assets under management and a portfolio with 11 million square feet of net lettable area.
Sharon Lim, CEO of the MCT manager, said, “We are heartened to re
