Mapletree North Asia Commercial Trust to receive insurance settlement of $58.3 million

Goola Warden
Goola Warden11/24/2021 06:42 PM GMT+08  • 1 min read
Mapletree North Asia Commercial Trust to receive insurance settlement of $58.3 million
Mapletree North Asia Commercial Trust is set to receive insurance payments for damage and loss of revenue at Festival Walk
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Mapletree North Asia Commercial Trust's manager annnounced it has entered into a settlement agreement with the insurers on the claims for property damage and revenue loss due to business interruption at Festival Walk in Hong Kong.

See: MNACT reports lower full year DPU, but slight improvement for second half

The total settlement amount agreed in the sum of HK$334.3 million (approximately $58.3 million), comprises HK$84.3 million (approximately $14.7 million) for property damage and HK$250.0 million (approximately $43.6 million) for revenue loss due to business interruption. Interim payments of HK$263 million have been received from the insurers to date.

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