On 31st December 2021, Mapletree Commercial Trust (MCT) announced their proposed merger with Mapletree North Asia Commercial Trust (MNACT). The merged entity will be named Mapletree Pan Asia Commercial Trust (MPACT). Mapletree Commercial Trust has 5 properties in its portfolio while Mapletree North Asia Commercial Trust has 13 properties. The merged entity Mapletree Pan Asia Commercial Trust (MPACT) will have 18 properties across 5 markets (Singapore, Hong Kong SAR, China, Japan and South Korea). There will be two scheme consideration options for Mapletree North Asia Commercial Trust Unitholders with the consideration of S$1.1949 per MNACT Unit.

Cash-and-Scrip Consideration

This means you receive 84% in units of MCT and 16% in cash.

• 84% Consideration Units (0.5009 new MCT Units per MNACT Unit)
• 16% Cash Consideration (S$0.1912 in Cash per MNACT Unit)

Scrip-Only Consideration

This means you receive 100% in units of MCT.

• 100% Consideration Units (0.5963 new MCT Units per MNACT Unit)

Rationale and Key Benefits of the Merger

With every merger, the presentation...