CGS-CIMB Research is positive on Mapletree North Asia Commercial Trust’s (MNACT) announcement on its acquisition of a freehold office building in Tokyo for an agreed value of $474.7 million.

See: Mapletree North Asia Commercial Trust acquires Tokyo office building for $475 mil

CGS-CIMB analysts Lock Mun Yee and Eing Kar Mei are upbeat on the deal as it will “deepen MNACT’s footprint  in the more stable Japan market”. “According to property consultant JLL K.K., the Japan office market continues to have one of the widest yield spreads over its 10-year government bond yield, compared to other Asia markets,” they point out.

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