Mapletree Commercial Trust (“MCT”) is a Singapore-focused real estate investment trust (“REIT”) established with the principal investment objective of investing on a long-term basis, directly or indirectly, in a diversified portfolio of income-producing real estate used primarily for office and/or retail purposes, whether wholly or partially, in Singapore, as well as real estate-related assets.
MCT was listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”) on 27 April 2011 and is the third REIT sponsored by Mapletree Investments Pte Ltd (“MIPL” or the “Sponsor”), a leading Asia-focused real estate development, investment and capital management company based in Singapore.
MCT’s portfolio comprised five properties located in Singapore, namely:
- VivoCity, Singapore’s largest mall located in the HarbourFront Precinct;
- PSA Building (“PSAB”), an established integrated development with a 40-storey office block and a three-storey retail centre known as Alexandra Retail Centre (“ARC”), located in the Alexandra Precinct;
- Mapletree Anson, a 19-storey premium office building located close to the Tanjong Pagar MRT Station in Singapore's Centre Business Business District;
- Bank of America Merrill Lynch HarbourFront (“MLHF”), a premium office building located in the HarbourFront Precinct; and
- Mapletree Business City I ("MBC I"), one of the largest integrated office and business park complexes in Singapore with Grade-A building specifications, located in the Alexandra Precinct.
As at 25 August 2016, the portfolio has a total Net Lettable Area (“NLA”) of 3.8 million square feet, with total estimated value of S$6,122 million*.
MCT is managed by Mapletree Commercial Trust Management Ltd. (the “Manager”), a wholly-owned subsidiary of Mapletree Investments Pte Ltd. The Manager aims to provide Unitholders of MCT with an attractive rate of return on their investment through regular and stable distributions and to achieve long-term growth in Distribution per Unit (“DPU”) and Net Asset Value per Unit, while maintaining an appropriate capital structure for MCT.
* Based on the appraised values by CBRE Pte. Ltd. and Knight Frank Pte. Ltd. for VivoCity, PSAB, Mapletree Anson and MLHF as at 31 March 2016, as well as the purchase consideration for MBC I which was acquired by MCT on 25 August 2016.