Festival Walk, a property of Mapletree North Asia Commercial Trust

In a bid to accelerate its income diversification, Mapletree North Asia Commercial Trust (MNACT) has announced the acquisition of a 98.47% interest in two freehold office properties in Greater Tokyo.

The properties, mBay Point Makuhari and Omori Prime Building, will be acquired from Mapletree Investments for the total acquisition cost of SGD482.5 million.

The announcement was made following a warning from the REIT that its DPU for 2H FY19/20 is expected to be significantly lower compared to the corresponding periods of the previous financial years.

This is due to damage sustained at its flagship property in Hong Kong, Festival Walk.

Related: Insurers begin damage assessment on Mapletree North Asia Commercial Trust property

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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.