Complete Property Market Updates of Singapore

April 30, 2008

JTC, Mapletree scrap plans to list REIT

Filed under: 1 — Propertymarketupdates @ 3:27 am

JTC Corporation and Mapletree have cancelled plans to list a real estate investment trust due to current volatile market conditions.

Instead, JTC will divest the S$1.71 billion real estate portfolio to a private trust sponsored by Mapletree.

This divestment option was part of Mapletree’s proposal to JTC, when Mapletree was appointed by JTC as the REIT manager for the selected portfolio in February this year.

JTC and Mapletree said the choice to keep the assets private was made “in light of the current volatile market conditions which are not conducive for a REIT initial public offering”.

The properties to be divested include 39 blocks of flatted factories, 12 amenity centres, as well as multi-tenanted business park buildings.

Mapletree Chief Executive Hiew Yoon Khong said, “Mapletree will explore the possibility of listing the portfolio as a REIT, possibly in combination with other Mapletree industrial assets in due course.

“We believe that this is an excellent portfolio to be potentially offered to investors as a yield-based investment product.” – CNA/al

Source : Channel NewsAsia – 22 Apr 2008

Advertisements

Leave a Comment »

No comments yet.

RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Blog at WordPress.com.

%d bloggers like this: