On 24 October 2024, Mapletree Pan Asia Commercial Trust (“MPACT”) announced their half year result for FY2025. Unfortunately for MPACT, their DPU and occupancy continues its downtrend. The overall decrease in occupancy this quarter is likely to continue to have downward pressures on MPACT DPU over the next few quarters. There is a decrease in valuations of investment properties by SGD120 million this quarter. The main write-down came from the Fujitsu Makuhari Building, which saw a valuation decrease by SGD74 million which is approximately 41.5% of the property valuation as of 31 March 2024. This was because Fujitsu Limited, the single tenant of Fujitsu Makuhari Building, has expressed intention not to renew its lease upon expiry on 31 March 2026. This property accounted for approximately 1.2% of the portfolio’s FY23/24 net property income and is also the main contributor for the decrease in occupancy rate. Management is currently actively assessing strategic options. On a separate note, the divestment of Mapletree Anson was used to pay...