Mapletree Pan Asia Commercial Trust to Divest Japanese Office Buildings; Shares Down Nearly 1%

MT Newswires07-24

Mapletree Pan Asia Commercial Trust (SGX:N2IU) entered into sale and purchase agreements with unrelated parties for the proposed divestment of two office buildings in Japan, according to a Wednesday filing with the Singapore Exchange.

Shares of the trust were down nearly 1% in recent trading.

Through subsidiary Tsubaki Tokutei Mokuteki Kaisha, the company will sell ABAS Shin-Yokohama, a nine-story office building with 34,122 square feet of lettable area, for 3.33 billion Japanese yen.

Meanwhile, the TS Ikebukuro Building, a single-tenanted nine-story building with 43,074 square feet of lettable area, will be sold for 5.4 billion yen.

The consideration is a 1.7% premium against the aggregate purchase price.

The divestments are expected to conclude by the end of August.

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