JTC Corporation and Mapletree have cancelled plans to list a real estate investment trust due to current volatile market conditions.
Instead, JTC will divest the S$1.71 billion real estate portfolio to a private trust sponsored by Mapletree. This divestment option was part of Mapletree's proposal to JTC, when Mapletree was appointed by JTC as the REIT manager for the selected portfolio in February this year.
JTC and Mapletree said the choice to keep the assets private was made "in light of the current volatile market conditions which are not conducive for a REIT initial public offering".
The properties to be divested include 39 blocks of flatted factories, 12 amenity centres, as well as multi-tenanted business park buildings.
Mapletree Chief Executive Hiew Yoon Khong said, "Mapletree will explore the possibility of listing the portfolio as a REIT, possibly in combination with other Mapletree industrial assets in due course.
"We believe that this is an excellent portfolio to be potentially offered to investors as a yield-based investment product." - CNA/al
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