With a market capitalization of $4.53 billion, Mapletree Commercial Trust (MCT) is the largest REIT sponsored by Mapletree Investments Pte Ltd. Temasek Holdings has a majority stake of 34.71% in this REIT while other big boys like AIA Group and NTUC Enterprise own stakes amounting to 4.92% and 2.42% respectively.

With such stellar group of major shareholders, Mapletree Commercial Trust is certainly an attractive real estate investment trust. But could it be an investment trap or potential multi-bagger?

Since this REIT debut in SGX Mainboard in …