On 21st July 2022, Mapletree North Asia Commercial Trust (MNACT) released their 1QFY22/23 business updates. The focus of the update was on the higher Net Property Income (NPI) that MNACT has achieved. In 1QFY22/23, Mapletree North Asia Commercial Trust (MNACT) achieved a Net Property Income (NPI) higher by 4.1% as compared to 1Q FY21/22. This is because of the full-quarter contribution from the acquisition of Hewlett-Packard Japan Headquarters Building (“HPB”) in Japan in June 2021. Another reason for the increase because of the lower quantum of rental relief granted at Festival Walk (1Q FY22/23: S$0.2 million) as compared to the same period last year (1Q FY21/22: S$4.0 million). The increase was partially offset by lower average rental rates at Festival Walk mall and Gateway Plaza, as well as the newly levied property tax at Sandhill Plaza. Mapletree NAC Trust 1QFY22/23 Updates The manager...