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Wednesday, April 23, 2008

JTC Corp to sell properties to Mapletree

JTC Corporation has announced that it will be divesting a selected portfolio of high-rise ready-built properties to Mapletree Investments Pte Ltd worth a total of S$1.71 billion

“This divestment option was part of Mapletree’s proposal to JTC, when Mapletree was appointed by JTC as the real estate investment trust (REIT) manager for the selected portfolio in February this year,” said JTC in a statement yesterday.

The company said the divestment of properties to Mapletree was part of its overall divestment exercise to promote competitiveness and vibrancy in the industrial property market.

“It will also enable JTC to focus on being a strategic infrastructure provider to support Singapore’s economic growth and position Singapore as the choice investment location,” it said.

JTC and Mapletree also announced that based on the advice of the REIT financial advisers, they will not be proceeding with the proposed listing of the portfolio of properties via REIT at the present time.

“This is in light of the current volatile market conditions which are not conducive for a REIT initial public offering. Instead, JTC will divest the portfolio of properties to a private trust sponsored by Mapletree,” they said.

The transfer of properties to Mapletree is expected to be completed by July this year.

By Bernama

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