Mapletree Commercial Trust and MNACT units both halted

Mapletree Commercial Trust's VivoCity mall. Photo taken November 2021Mapletree Commercial Trust's VivoCity mall. Photo taken November 2021

Both Mapletree Commercial Trust and Mapletree North Asia Commercial Trust requested trading halts on their units at around the same time Tuesday morning, before market open.

Each trust said the halt was pending an announcement.

Mapletree Commercial Trust and MNACT did not immediately respond to separate emails from Shenton Wire seeking comment.

While the two trusts focus on the same market segments — commercial real estate — their geographic coverage areas don’t overlap.

MNACT’s portfolio includes property mainly used for commercial purposes, including retail and office space, with assets located in Japan, South Korea, China and Hong Kong.

The trust’s mall in Hong Kong, Festival Walk, has struggled, hit both by damages from protests in the protectorate, which damaged the mall, and from closures related to Covid-related restrictions.

Mapletree Commercial Trust’s portfolio has five properties in Singapore, including VivoCity, which is among Singapore’s largest mall, as well as Mapletree Business City, mTower, Mapletree Anson, and Bank of America Merrill Lynch HarbourFront.

Mapletree North Asia Commercial Trust and Mapletree Commercial Trust are both sponsored by Mapletree Investments.

As of end-March, Mapletree Investments owned and managed S$66.3 billion of properties in the data center, industrial, lodging, logistics, mixed-use, multifamily, office, residential and retail sectors. Mapletree Investments is wholly owned by Singapore state-owned investment company Temasek Holdings.

Temasek has an interest in 38.96 percent of MNACT’s units, as of 21 June, and 33.89 percent of Mapletree Commercial Trust’s units as of 28 May, according to SGX data.