Mapletree Greater China Commercial Trust's Sandhill Plaza (Photo: Colliers International)Mapletree Greater China Commercial Trust's Sandhill Plaza (Photo: Colliers International)

Mapletree Greater China Commercial Trust announced on 15 September that it has executed a pricing supplement in relation to the issue of HKD700 million in principal amount of 3.00% notes.

The supplement has been executed through a wholly owned subsidiary of the mixed commercial REIT known as Mapletree Greater China Commercial Treasury Company (HKSAR) Limited.

The notes are being issued under Mapletree Greater China Commercial Trust’s USD1.5 billion Euro medium term securities, and will bear a fixed yield of 3% annually. The notes will not be listed, and are due in 2023.

DBS Bank has been appointed as the lead dealer for the issue of the notes, while DBS Trustee Limited, acting in its capacity as trustee of Mapletree Greater China Commercial Trust, will guarantee the notes’ payment obligations.

Ratings agency Moody’s Investors Service has assigned a definitive Baa1 rating to the notes, which are the same as Mapletree Greater China Commercial Trust’s long-term issuer rating.

Units of the REIT finished the trading day about 1% higher from its previous close on the Singapore Exchange to end at SGD1.10.

Note: The article was updated on 20 September to correct an error in the principal amount.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.