MNACT buying 2 Tokyo offices that will help mitigate revenue loss from Festival Walk closure

Singapore

MAPLETREE North Asia Commercial Trust's (MNACT) manager announced on Wednesday that it is acquiring an effective interest of 98.47 per cent in two freehold office properties in Greater Tokyo, Japan for S$482.5 million (37.9 billion yen) from Mapletree Investments.

The total acquisition cost comprises of the aggregate consideration of approximately S$477.7 million and the estimated professional and other fees and expenses of some S$4.8 million. The proposed acquisitions have a net property income yield of 4.5 per cent.