MPACT divests Mapletree Anson for $775m

The divestment consideration exceeds the original purchase price of $680m.

Mapletree Pan Asia Commercial Trust (MPACT) is divesting Mapletree Anson for $775m.

The divestment consideration exceeds the property’s original purchase price of $680m by $95m and its latest valuation of $765m by $10 million.

Including the total estimated transaction costs and the transfer of tenants’ security deposits, MPACT expects to gain net proceeds of $762 million from the divestment.

MPACT intends to allocate the net proceeds towards debt reduction, which is projected to reduce its aggregate leverage from 40.5% as of 31 March to 37.6% on a pro forma basis and increase the adjusted interest coverage ratio from 2.9 times in FY23/24 to 3.3 times on a pro forma basis.