Mapletree Pan Asia Commercial Trust to Divest Hong Kong Property for HK$1.96 Billion

MT Newswires12-11

Mapletree Pan Asia Commercial Trust (SGX:N2IU), through its subsidiary, Festival Walk (2011), agreed to divest the Festival Walk Tower in Hong Kong for HK$1.96 billion, according to a Wednesday filing with the Singapore Exchange.

Shares of the trust were up over 1% in Thursday trading.

The tower is the office component of Festival Walk in Hong Kong, with the divestment slated for completion in February 2026.

The divestment is part of the trust's manager's focus on managing the macroeconomic headwinds in Greater China and improving its portfolio's stability.

Proceeds from the divestment will be used for debt reduction, the filing said.

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