Mapletree Commercial Trust to buy business park for S$1.55b
Property has total net lettable area of 1.2m sq ft
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Fiona Lam
Singapore
MAPLETREE Commercial Trust (MCT) is proposing to buy a business park in Pasir Panjang at an agreed property value of S$1.55 billion from Heliconia Realty, a direct wholly-owned subsidiary of its sponsor Mapletree Investments.
If completed, this could count as one of the largest acquisitions by a Singapore real estate investment trust (S-Reit) this year. S-Reits have in recent weeks been on an acquisition binge with billion-dollar purchases, amid a lower-for-longer interest rate environment.
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