SINGAPORE (Dec 6): DBS Group Research is cutting its target price for Mapletree North Asia Commercial Trust (MNACT) by 18.8% to $1.30 on the back of lower rental reversion assumptions for key asset Festival Walk.

This comes after the REIT manager on Dec 4 announced that the mall, which accounted for 61.7% of MNACT’s net property income (NPI) in the latest 1HFY2020 ended September, is expected to remain shuttered until 1QCY2020.

The Kowloon Tong property, Hong Kong’s then-largest shopping mall when it was first opened in 1998, has been closed since Nov 13 following the spilling over of clashes between Hong Kong protestors and police.

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