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Mapletree Greater China closes S$736M buy of Japanese assets, changes name

Mapletree Greater China Commercial Trust closed the purchase of a 98.47% effective interest in six Japanese freehold commercial properties for approximately S$735.8 million.

The properties that changed hands with MJOF Pte. Ltd. comprised the IXINAL Monzen-nakacho Building, Higashi-nihonbashi 1-chome Building and TS Ikebukuro Building in Tokyo; the SII Makuhari Building and Fujitsu Makuhari Building in the Chiba prefecture; and the ABAS Shin-Yokohama Building in Yokohama.

Overall, 21 tenants occupy 99.9% of the office buildings, which span 1.60 million square feet of total net lettable area.

The Singapore real estate investment trust used all of the roughly S$330.3 million of gross proceeds from a private placement of its shares to partially fund the transaction. The balance of the consideration was satisfied by obtaining new loan facilities, according to a release.

As planned, the REIT changed its name to Mapletree North Asia Commercial Trust after the deal's completion.

Concurrently, the name of its manager, Mapletree Greater China Commercial Trust Management Ltd., changed to Mapletree North Asia Commercial Trust Management Ltd., while its property manager Mapletree Greater China Property Management Ltd. will now be known as Mapletree North Asia Property Management Ltd.

Mapletree North Asia Commercial Trust will revise its security and counter name on the Singapore Exchange Securities Trading Ltd. to MAPLETREE NORTH ASIA COMM TR and Mapletree NAC Tr, effective May 31.

As of May 25, US$1 was equivalent to S$1.34.