Festival Walk, a property of Mapletree North Asia Commercial TrustFestival Walk (Photo: Mapletree North Asia Commercial Trust)

Mapletree North Asia Commercial Trust (MNACT) has received an additional HKD118 million (USD15 million) from its insurers.

The additional sum has been received as partial payments of estimated insurance claims for property damage and revenue loss due to business interruption at Festival Walk.

It is in addition to the HKD45 million the REIT received in June 2020.

Related: Mapletree’s North Asia REIT receives interim payment for Festival Walk damage

To date, the REIT’s manager has received interim payments of HKD263 million on account of the estimated insurance claims.

“The assessment and agreement of the full quantum of revenue loss and property damage recoverable from insurance claims remains in progress”, said the REIT’s manager.

“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”, it added.

MNACT was last done on the Singapore Exchange (SGX) at SGD0.91, which implies a distribution yield of 7.8% according to data from the Singapore REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.