Mapletree North Asia Commercial Trust

Mapletree North Asia Commercial Trust (“MNACT”) is an SGX-listed REIT owning ~S$8.3billion of retail and commercial real estate in Hong Kong, Shanghai, Beijing, Tokyo and Seoul. The strong outperformance of the portfolio was temporarily disrupted by the harsh implementation of the Zero-COVID policy in Hong Kong in 2021-1H2022 resulting in MNACT’s unit price to trade at a depressed valuation. 

Its sister REIT, Mapletree Commercial Trust (“MCT”) made an offer in Dec 2021 to takeover MNACT at an implied takeover price of S$1.08 which was at a substantial discount to MNACT’s conservative book value of S$1.21 (including dividend). 

Engagement topics: 

  • MNACT management should negotiate with MCT’s management for a higher takeover price 
  • Unitholders should vote down the current offer in the absence of a higher takeover price 
  • MNACT should expedite the acquisition of assets in Developed Asia to enter the FTSE NAREIT Developed ASIA Index and further increase institutional following and passive buying interest of its units to rerate the unit price 


  • Takeover price from MCT was increased to S$1.21 (+12% including dividend)  
  • Quarz exited the position with a return on investment of 24%