In its 9MFY2022 ended December 2021 business update, Mapletree North Asia Commercial Trust (MNACT) announced that its net property income (NPI) has increased by 14.9% y-o-y to $247.4 million from $215.4 million.

This is on the back of a 12.8% increase in gross revenue to $328.0 million from $290.8 million.

The growth was mainly y due to the lower rental reliefs of S$4.7 million granted to retail tenants at Festival Walk during the period and the contribution from the Hewlett-Packard Japan Headquarters Building acquired on June 18, 2021.

Portfolio occupancy rate stands at 97.5% as at end December.

Cindy Chow, CEO of the manager says, “Looking ahead, the emergence of the Omicron variant and potentially other new variants may temper the recovery momentum of the various markets in which we operate. Nevertheless, we remain focused on safeguarding the long-term value for unitholders through proactive asset management, effective cost control and prudent capital management.”

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“On Dec 31, 2021, we had announced the proposed merger between Mapletree Commercial Trust and MNACT to become Mapletree Pan Asia Commercial Trust (MPACT), an enlarged Asian-focused flagship commercial REIT. The proposed merger will harness and combine the strengths of both REITs to create a more resilient and diversified platform.”

“Over the years, we have been focused on growing and enhancing the resilience of MNACT’s portfolio through accretive acquisitions that provide both geographical and income diversification. MPACT will have an even higher financial capability and flexibility to pursue value-creating acquisitions and fast-track its growth trajectory. The enlarged platform, with both stability and scale, will have more optionality to undertake asset recycling, asset enhancements and development opportunities,” she adds.

Units in MNACT closed at $1.09 on Jan 27.

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