Mapletree North Asia Commercial Trust receives HK$263 million in interim insurance payout for Festival Walk damages

Tay Peck Gek

Published Wed, Oct 14, 2020 · 01:17 PM

MAPLETREE North Asia Commercial Trust (MNACT) has received interim payments totalling HK$263 million (S$46 million) in insurance claims for property damage and revenue loss due to business interruption to Festival Walk mall in Hong Kong.

The mall had suffered extensive damage in civil unrest last year, causing the MNACT's largest asset to be closed for months.

In a statement to the bourse, the manager for MNACT said the insurers recently paid out an additional HK$118 million as partial payments on account of the estimated insurance claims for property damage and revenue loss due to business interruption.

"To date, the manager has received interim payments of HK$263 million (approximately S$46 million) on account of the estimated insurance claims," MNACT manager noted on Wednesday.

The assessment and agreement of the full quantum of revenue loss and property damage recoverable from insurance claims remains in progress. The manager will continue to pursue the insurance claims relating to both property damage and revenue loss due to business interruption, and will provide further updates as and when available.

The counter closed down one Singapore cent to S$0.92 on Wednesday.