Mapletree Pan Asia Commercial Trust (MPACT) has agreed to sell two fully-let office buildings in Japan for a total of JPY8.7bn (€50m).
The sale price represents a 1.7% premium over the aggregate purchase price of JPY8.56bn in local currency terms.
The assets are a 34,122sqft building located in Kohoku-ku, Yokohama City, Kanagawa, and a 43,074sqft asset in Toshima-ku, Tokyo.
MPACT Management, the manager of the trust, said the proposed divestments reflected the manager’s ongoing portfolio reconstitution efforts to sharpen MPACT’s focus on quality assets, mitigating single-tenant risk and optimising management efficiency.
The manager plans to use the divestment proceeds to reduce debt and enhance MPACT’s balance sheet resilience.
Upon completion of the divestments, MPACT’s portfolio will comprise 15 commercial properties located across the five key gateway markets of Asia, valued at S$15.9bn (€10.6bn).
Singapore remains MPACT’s core market, providing long-term stability by contributing approximately 61% and 57% of incomes and assets under management, respectively.
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