An activist institutional investor has formally issued its call for unitholders of Mapletree North Asia Commercial Trust (MNACT) to reject the merger terms that have been proposed for the REIT and its marriage to Mapletree Commercial Trust (MCT).

The merger terms include an offer of SGD1.09 per unit of MNACT, which represents the highest discount to net asset value (NAV) seen in the 20-year history of Singapore REITs, said the activist, Quarz Capital, in a letter seen by REITsWeek.

The managers of sister REITs MNACT and MCT first announced their intention to merge in December 2021 after an unprecedented days-long trading halt.

Both REITs are sponsored by Mapletree Investments, a real estate development, investment and management company backed by Singapore sovereign wealth fund, Temasek Holdings.

Related: MNACT unitholders being lowballed in merger offer says activist investor