SG brief: Mapletree Commercial Trust and MNACT

Mapletree Commercial Trust's VivoCity retail property in Singapore. Mapletree North Asia Commercial Trust (MNACT) and Mapletree Commercial Trust agreed in December 2021 to merge to form Mapletree Pan-Asia Commercial Trust. Credit: Mapletree Commercial Trust; Rendy Aryanto/VVS.sgMapletree Commercial Trust's VivoCity retail property in Singapore. Mapletree North Asia Commercial Trust (MNACT) and Mapletree Commercial Trust agreed in December 2021 to merge to form Mapletree Pan-Asia Commercial Trust. Credit: Mapletree Commercial Trust; Rendy Aryanto/VVS.sg

Mapletree Commercial Trust and Mapletree North Asia Commercial Trust (MNACT) said Wednesday the elections forms have been dispatched to MNACT unitholders to chose their consideration for the acquisition deal. The election period runs from 15 June to 29 June, the REITs said in a filing to SGX.

MNACT’s unitholders’ choice of consideration is scrip-only, cash-and-scrip, or cash-only options: S$1.1949 in cash, or 0.5963 new MCT unit issued at S$2.0039, or a combination of 0.5009 MCT unit and S$0.1912 in cash. The cash-only option is the default, and MNACT unitholders not returning an election will receive the cash consideration, the filing said.

In late December, the two trusts announced a plan to merge into Mapletree Pan-Asia Commercial Trust in a S$4.22 billion deal, creating one of Asia’s top-10 largest REITs with assets across Singapore, South Korea, China, Hong Kong and Japan.