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Mapletree North Asia Commercial Trust To Acquire A Freehold Office Building in Greater Tokyo, Japan

May 31, 2021 – Mapletree North Asia Commercial Trust announced that it has entered a conditional sale and purchase agreement to acquire an effective interest of 98.47% in a freehold single-tenanted office building located at 2-1, Ojima 2-chome, Koto-ku, Tokyo, Japan, known as “Hewlett-Packard Japan Headquarters”.

The acquisition will be made from Hulic Co., Ltd, an unrelated third party vendor, subject to various conditions precedent being met, at an agreed property value of JPY38.8 billion (US$350 million).

Ms. Cindy Chow, Chief Executive Officer of the Manager said, “The Acquisition is in line with our strategy to diversify the portfolio’s income stream. This is an attractive opportunity to acquire a freehold, high-quality and sizeable property, located at the fringe of central Tokyo, at an attractive yield spread that is expected to be DPU-accretive.”

“The Property, which is on a long-term lease to Hewlett-Packard Japan, Ltd. as its headquarters, is expected to provide a stable income stream and enhance the quality and resilience of MNACT’s portfolio.”

Read more here..

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