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Mapletree Pan Asia Commercial Trust prices S$200 million of green notes at 2.45%
Proceeds will be used to finance or refinance eligible projects of MPACT and its subsidiaries, says Reit manager
[SINGAPORE] Mapletree Pan Asia Commercial Trust : N2IU 0% (MPACT) has priced S$200 million of senior green notes at 2.45 per cent, with the debt maturing in 2032, the manager of the real estate investment trust (Reit) said in a regulatory filing on Tuesday (Aug 5).
The proceeds will be used to finance or refinance eligible green projects of MPACT and its subsidiaries, added MPACT Management.
Credit rating agency Moody&rsquo s Investors Service has assigned a &ldquo Baa2&rdquo rating &ndash the same as the long-term issuer rating of the Reit &ndash to the notes, which will be issued under its S$5 billion euro medium-term securities programme.
DBS Trustee, as the trustee of MPACT, will unconditionally and irrevocably guarantee the payment obligations.
MPACT Management will apply to list the notes on the Singapore Exchange (SGX) for trading, and for the debt security to be recognised under the SGX Sustainable Fixed Income initiative.
The notes have a condition that stipulates that a default may occur if MPACT Management is removed as the Reit manager pursuant to the terms of the trust deed, and the replacement or substitute manager is not appointed in accordance with the terms of the deed.
A total of about S$5.9 billion of outstanding notes and borrowings of MPACT may be affected as a result of such a default or change of the Reit manager or sponsor (subject to conditions).
there is an urgent need for law to change that reits manger can only get a fix number if units as payment for management. not base on a fee and then issue new units base on fee. this has caused a push for unit price to drop
lowlow. as lower means the manager get more units. hence a higher percentage of business.
diry tricks. see reits manager borrow thru the roof to hit their limit. then trade quickly to get benefits out of selling.
all these are unfair priactise against units holders. reits being a viable retirement vehicle. hooe law maker can take note and adjust law to fix the manager actions.
lowlow. as lower means the manager get more units. hence a higher percentage of business.
diry tricks. see reits manager borrow thru the roof to hit their limit. then trade quickly to get benefits out of selling.
all these are unfair priactise against units holders. reits being a viable retirement vehicle. hooe law maker can take note and adjust law to fix the manager actions.
thus far. trump tariff is more powerful due to media reporting then real.
if all nations affected just stop reacting and tax correspondingly to his tariff. he will back off.
after all is his action legal is still pending. he has over step his power limit.
but once he strike deal, he go back to house and ask them to apporve it. then done.
trade is not charity. us has to consume they have to buy. trump could have done a 15% overall. but that will attract lots of direct actions against him. he mask it with variable rates and trade talk.
end result is still us consumer pay more. us business pay more . their export competitive drop.
other nations got hurt as there is lesser buying power from us. but see quick actions from other nations to ramp up their internal economy.
trump next actions is cut interest rate. he wants it at 1%. sure can get. a matter of time.
fed chair has lost credibilities. he earlier said base on data. data said cut then he said trump tariff create unknown.
any way his term until mid next year. not many months left. and next chair competition already up with trump throwing carrot of chosing next chair as person who favour low rate.
if all nations affected just stop reacting and tax correspondingly to his tariff. he will back off.
after all is his action legal is still pending. he has over step his power limit.
but once he strike deal, he go back to house and ask them to apporve it. then done.
trade is not charity. us has to consume they have to buy. trump could have done a 15% overall. but that will attract lots of direct actions against him. he mask it with variable rates and trade talk.
end result is still us consumer pay more. us business pay more . their export competitive drop.
other nations got hurt as there is lesser buying power from us. but see quick actions from other nations to ramp up their internal economy.
trump next actions is cut interest rate. he wants it at 1%. sure can get. a matter of time.
fed chair has lost credibilities. he earlier said base on data. data said cut then he said trump tariff create unknown.
any way his term until mid next year. not many months left. and next chair competition already up with trump throwing carrot of chosing next chair as person who favour low rate.
So far, none of my reits/trusts posted better results.....
Despite lower interest rate, no improvement......economy affected by erratic Trump!
Despite lower interest rate, no improvement......economy affected by erratic Trump!
02:39 AM EDT, 07/31/2025 (MT Newswires) -- Mapletree Pan Asia Commercial Trust's (SGX:N2IU) distribution per unit or DPU was down 3.8% in fiscal Q1 to SG$0.0201 from SG$0.0209 a year earlier, according to a Wednesday filing with the Singapore Exchange.
Shares of the trust were down nearly 1% in recent trading.
Amount available for distribution to unitholders fell 3.6% to SG$106.8 million from SG$110.8 million.
Net property income was down 7.5% to SG$166.0 million from SG$179.4 million a year earlier, while gross revenue declined 7.6% year over year to SG$218.6 million from SG$236.7 million.
The portfolio booked an 89.3% committed occupancy as at June 30.
Shares of the trust were down nearly 1% in recent trading.
Amount available for distribution to unitholders fell 3.6% to SG$106.8 million from SG$110.8 million.
Net property income was down 7.5% to SG$166.0 million from SG$179.4 million a year earlier, while gross revenue declined 7.6% year over year to SG$218.6 million from SG$236.7 million.
The portfolio booked an 89.3% committed occupancy as at June 30.
MPACT Q1 DPU falls 3.8% to S$0.0201 on lower contributions, divestment of Mapletree Anson
NPI declines 7.5% to S$166 million from S$179.4 million in the year-ago period
[SINGAPORE] The manager of Mapletree Pan Asia Commercial Trust (MPACT) : N2IU +1.55%on Wednesday (Jul 30) reported a 3.8 per cent fall in distribution per unit (DPU) to S$0.0201 for the first quarter of FY2026, from S$0.0209 in the year-ago period.
Revenue for the period ended Jun 30, 2025, fell 7.6 per cent to S$218.6 million from S$236.7 million the year prior, on account of lower contributions from most of its properties.
Contributions from Singapore assets fell due mainly to the divestment of Mapletree Anson in 2024. MPACT&rsquo s properties in overseas markets, meanwhile, had lower occupancies and negative rental reversions. They also faced foreign exchange impact as the Hong Kong dollar and renminbi depreciated against the Singapore currency.
As a result of the divestment of Mapletree Anson, MPACT&rsquo s property operating expenses were down 8.1 per cent at S$52.6 million for Q1 FY2026, from S$57.3 million in Q1 FY2025.
Lower utility expenses and a refund of the prior year&rsquo s property tax also led to decreased costs in the period, though these were partially offset by higher operation and maintenance expenses as well as property tax.
Net property income (NPI) fell to S$166 million in Q1 FY2026, down 7.5 per cent from S$179.4 million in Q1 FY2025. By segment, however, Singapore NPI expanded 2.9 per cent, led by VivoCity&rsquo s 6 per cent NPI growth.
Sharon Lim, chief executive of MPACT&rsquo s manager, said that VivoCity &ldquo maintained outstanding all-rounded performance&rdquo despite ongoing asset enhancement works. She also noted that a key tenant at Mapletree Business City renewed its lease ahead of expiry, &ldquo underscoring tenant confidence and reinforcing overall stability&rdquo .
For Q1 FY2026, the amount available for distribution to unitholders fell 3.6 per cent to S$106.8 million, from S$110.8 million in the year-ago period.
The DPU of S$0.0201 will be paid out on Sep 11.
The manager said that macroeconomic uncertainty and a lack of clarity around the US Federal Reserve&rsquo s rate-cutting cycle are adding complexity to the overall outlook.
It added that Singapore will &ldquo remain as MPACT&rsquo s anchor of relative stability&rdquo , while the proposed divestment of two Japan properties reflects its &ldquo active portfolio management strategy&rdquo .
&ldquo While modest in scale, (the proposed divestment) allows us to mitigate single-tenant risk and optimise management efficiency,&rdquo Lim added.
&ldquo With divestment proceeds directed towards debt repayment, MPACT will also benefit from further improvement in financial resilience. Post-divestment, Singapore continues to be our core market, accounting for over 50 per cent of MPACT&rsquo s assets under management.&rdquo
decent
https://links.sgx.com/1.0.0/corporate-announcements/7BP10LWUMVQD4DMJ/853638_20250730_%20MPACT%201Q%20FY2526%20Press%20Release.pdf
Well, IMO, at most equal to previous reporting period.
HK property a big factor.
Of course I would be happy if proven wrong.
HK property a big factor.
Of course I would be happy if proven wrong.
Results may be good, I suspect
disposed 2 jap assets at loss..1.46 mio
More likely reits will rise.
Avoiding a recession is gonna be best news.
Reits function well in periods of economic growth and low interest environment as lucky has expressed well.
So reits are likely to benefit from improved economic outlook.
Avoiding a recession is gonna be best news.
Reits function well in periods of economic growth and low interest environment as lucky has expressed well.
So reits are likely to benefit from improved economic outlook.
luckyguy3 ( Date: 13-May-2025 06:30) Posted:
|
FED not cutting rates because of fear of inflation due to tariff.
Now with de-escalation, we will not be seeing the feared inflation and
FED will be ready and more willing to cut rates. So why will reits drop
when there will be rate cuts?
Now with de-escalation, we will not be seeing the feared inflation and
FED will be ready and more willing to cut rates. So why will reits drop
when there will be rate cuts?
tritonyeah666 ( Date: 12-May-2025 21:37) Posted:
|
Mapletree Pan Asia Commercial Trust should explore merger or sale of Festival Walk to become more Singapore-centric
The trust trades at the worst valuation among the STI constituent Reits
SINGAPORE&rsquo S largest mall, VivoCity, with over a million square feet of lettable area, is much loved by shoppers. However, the mall&rsquo s owner &ndash Mapletree Pan Asia Commercial Trust : N2IU 0% (MPACT) &ndash receives little affection from investors.
In terms of trading price relative to book value, MPACT is performing the worst among the seven real estate investment trusts (Reits) that are members of the benchmark Straits Times Index (STI).
As at May 6, MPACT, which owns properties used primarily for office and/or retail purposes, traded at a 32 per cent discount to its end-March 2025 net asset value (NAV) per unit of S$1.78.
Is MPACT&rsquo s poor market valuation largely due to its ownership of Festival Walk in Hong Kong&rsquo s Kowloon Tong? Maybe, the trust should aim to get better valuation from investors by turning much more Singapore-centric.
Festival Walk was valued at HK$23.8 billion, or around S$4.1 billion as at end-March. The shopping and entertainment strip and VivoCity accounted for about 25.6 per cent and 24.2 per cent of MPACT&rsquo s end-March property portfolio valuation, respectively. At end-Mar, VivoCity&rsquo s valuation was up 14.8 per cent, but Festival Walk&rsquo s fell 5.2 per cent in local currency terms from its level the year before.
VivoCity, located in Singapore&rsquo s HarbourFront area, is way more productive than Festival Walk &ndash the former&rsquo s net property income (NPI) for the financial year ended Mar 31 (FY2025) of S$176.6 million was 18.7 per cent higher than the latter&rsquo s NPI of S$148.8 million.
Amid a challenging environment for Hong Kong&rsquo s retail landlords, tenant sales at Festival Walk fell 8.4 per cent year on year in FY2025. Rental reversion at Festival Walk was down 6.9 per cent, while VivoCity&rsquo s climbed 16.8 per cent.
Selling Festival Walk
By selling Festival Walk, MPACT becomes much more Singapore-centric, which might help its unit price re-rate upwards.
At end-March, Singapore assets accounted for 56.5 per cent of MPACT&rsquo s property portfolio valuation of nearly S$16 billion, with the properties in Hong Kong, China, Japan and South Korea contributing the remainder.
Excluding Festival Walk, the Singapore assets contribute about 75.9 per cent to the trust&rsquo s end-March property valuation. Besides VivoCity, MPACT&rsquo s other assets here are Mapletree Business City and mTower in the Alexandra area, and Bank of America HarbourFront in the HarbourFront area.
However, can Festival Walk transact at or above its latest valuation? If needed, MPACT&rsquo s sponsor Temasek-owned Mapletree Investments could buy Festival Walk at valuation.
While acquiring Festival Walk may not be at the top of its agenda, Mapletree can show it is a strong sponsor who adds value to MPACT&rsquo s unitholders by taking Festival Walk off the trust&rsquo s hands.
Showing that it is a strong sponsor will enhance Mapletree&rsquo s credibility in property fund management. The Temasek-owned group is active in managing Singapore-listed Reits and private equity real estate funds that own assets across diverse geographies and property asset types.
Moreover, as Mapletree is a major unitholder of MPACT, it gains from any improvement in the trust&rsquo s trading price.
Divesting Festival Walk not only makes MPACT more Singapore-centric, but also raises cash to potentially make additional acquisitions in Singapore.
MPACT could possibly buy The Woodleigh Mall, in which Cuscaden Peak has ownership interest. Mapletree jointly owns Cuscaden Peak, alongside Temasek&rsquo s CLA Real Estate.
Over time, MPACT might eye buying Paragon along Orchard Road, after a potential major asset enhancement initiative. Cuscaden Peak will fully own Paragon after privatising Paragon Reit : SK6U 0%.
Pursuing a merger
Alternatively, MPACT could add scale and Singapore-centricity by merging with another trust.
An MPACT-Suntec Reit : T82U 0% merger can make sense. Suntec Reit owns properties that are used mainly for office and/or retail purposes in Singapore, Australia and UK, with a total valuation of S$11.8 billion at end-2024. The Singapore assets contributed about 78 per cent of the said valuation.
As Suntec Reit trades at a larger discount to NAV than MPACT, Suntec Reit&rsquo s unitholders may be happy to exchange units in it for units in a merged MPACT-Suntec Reit.
Another possibility is for MPACT to merge with CICT, which owns about S$26 billion of properties as at end-2024 and has Singapore assets accounting for nearly 95 per cent of property valuation.
A potential CICT-MPACT merger would enable MPACT&rsquo s unitholders to hold units in a larger entity that is more Singapore-centric and likely to trade at a far superior multiple to book value than MPACT. Can Mapletree, which owns MPACT&rsquo s manager, stomach possibly losing lucrative recurrent fund management income as part of this merger?
Reits have been a major success story on the local bourse. For them to continue to win the confidence of investors, sponsors and managers, they need to pro-actively create unitholder value.
MPACT has scale and a crown jewel in VivoCity. The mall&rsquo s performance might improve further when ongoing major asset enhancements works are completed, possibly by end-2025.
However, managing VivoCity well is not enough. MPACT&rsquo s manager must urgently address the trust&rsquo s poor equities market valuation.
MPACT&rsquo s manager should consider selling Festival Walk and/or a merger to help improve MPACT&rsquo s unit price, thereby benefiting all unitholders.
This drop, that drop............when then can improve?
cham lor.....
dividend coming 1.5!!!
Had switch out of this counter and bought more Keppel Reit.
Buy Singapore.
Avoiding China, HK, South Korea.
Maybe Trump eager to settle Russia-Ukraine and MiddleEast then fully target China.
Buy Singapore.
Avoiding China, HK, South Korea.
Maybe Trump eager to settle Russia-Ukraine and MiddleEast then fully target China.
Mapletree Pan Asia Commercial Trust: Singapore Strength Offsets Overseas Challenges | Q3 FY25 Results
https://www.minichart.com.sg/2025/01/27/mapletree-pan-asia-commercial-trust-singapore-strength-offsets-overseas-challenges-q3-fy25-results/
VIVO a raw and pecious stone