Not to be outdone by Frasers and CapitaLand, Mapletree is merging two of its REIT as Mapletree Commercial Trust (MCT) will absorb Mapletree North Asia Commercial Trust (MNACT):

MNACT Unitholders will receive a scheme consideration of S$1.1949 (“Scheme Consideration”) for each MNACT Unit held by MNACT Unitholders as at the Record Date, which shall be satisfied by either:

• 0.5963 new MCT Units (the “Consideration Units”) at an issue price of S$2.0039 per MNACT Unit (the “Scrip-Only Consideration”); or

• a combination of 0.5009 Consideration Units and S$0.1912 in cash (the “Cash-and-Scrip Consideration”)

The operation is expected to take about 6 months to complete, after which MCT will be renamed Mapletree Pan Asia Commercial Trust (MPACT).