Mapletree's support for MCT-MNACT merger may raise expectations of other Reit sponsors
The sponsor is essentially making a cash offer for MNACT and injecting it into MCT for new units priced at a premium
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BEN PAUL
WHEN Mapletree Commercial Trust (MCT) and Ma-pletree North Asia Commercial Trust (MNACT) unveiled plans to merge 3 months ago, this column asserted the deal only made sense from the perspective of their sponsor Mapletree Investments.
This past week, Mapletree Investments - which is a privately held unit of Temasek Holdings - doubled down on its support for the deal by agreeing to stump up as much as S$2.2 billion in cash in order to mollify disgruntled unit-holders of MNACT and MCT.
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