SINGAPORE (Dec 9): On Dec 4, Mapletree North Asia Commercial Trust announced a proposal to acquire a 98.47% stake in two freehold, multi-tenanted office properties located in Greater Tokyo from sponsor and major unitholder Mapletree Investments, for $482.5 million (approximately JPY37,905.2 million). The proposed acquisitions are expected to result in further diversification of MNACT’s portfolio, reducing the reliance of income contribution from any single property, tenant or sector, its manager said.

In particular, the new acquisitions will help diversify away from reliance on Festival Walk in Hong Kong which had previously contributed around 62% to MNACT’s net property income. The mall and lobby of the office tower were damaged during Hong Kong’s unrest. The manager is looking to reopen the mall in the first quarter of 2020.  It is also in the process of assessing insurance coverage for the damage done to Festival Walk.

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