An institutional investor has come forward to oppose the merger terms that have been offered to unitholders of mixed commercial REIT, Mapletree North Asia Commercial Trust (MNACT).
The investor, Quarz Capital, described the terms as opportunistic, value destructive and ones that significantly undervalues MNACT, according to a letter that has been forwarded to REITsWeek.
Quarz Capital has a substantial stake in MNACT and ranks within the top 10 unitholders of the REIT.
The managers of Mapletree Commercial Trust (MCT) and MNACT first announced their intention to merge in December 2021 after an unprecedented days-long trading halt in units of both REITs.
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