DBS Group Research, OCBC Investment Research, and CGS-CIMB have rated Mapletree North Asia Commercial Trust (MNACT) “buy” or “add” following MNACT’s acquisition announcement on September 25.

The trust, together with its sponsor Mapletree Investments (MIPL), entered into a unit sale and purchase agreement to co-invest in The Pinnacle Gangnam, a Grade A office building in Seoul, South Korea, for KRW 452 billion ($528.4 million).

Under the agreement, MNACT will own a 50% stake in the property, while MIPL will own the remaining 49.95%. The remaining 0.05% will be held by an independent third-party investor.

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