{"id":3878,"date":"2008-04-22T09:51:00","date_gmt":"2008-04-22T09:51:00","guid":{"rendered":"urn:uuid:c6210e23-7707-43ac-ae8b-8f6509055dcf"},"modified":"2025-03-06T07:31:20","modified_gmt":"2025-03-06T07:31:20","slug":"jtc-to-divest-high-rise-industrial-properties-to-mapletree","status":"publish","type":"newsroom","link":"https:\/\/www.mapletree.com.sg\/jp\/newsroom\/jtc-to-divest-high-rise-industrial-properties-to-mapletree\/","title":{"rendered":"JTC To Divest High-Rise Industrial Properties To Mapletree"},"content":{"rendered":"\n
\n

Singapore<\/strong> \u2013JTC Corporation (\u201cJTC\u201d) today announced that it will be divesting a selected portfolio of high-rise ready-built properties to Mapletree Investments Pte Ltd (\u201cMapletree\u201d) for a total consideration of S$1.71 billion. This divestment option was part of Mapletree\u2019s proposal to JTC, when Mapletree was appointed by JTC as the real estate investment trust (REIT) manager for the selected portfolio in February this year.<\/p>\n\n\n\n

JTC and Mapletree announced that based on the advice of the REIT financial advisors (DBS Bank, Goldman Sachs and UBS AG), they will not be proceeding with the proposed listing of the portfolio of properties via a REIT at the present time. This is in light of the current volatile market conditions which are not conducive for a REIT initial public offering (IPO). Instead, JTC will divest the portfolio of properties to a private trust sponsored by Mapletree.<\/p>\n\n\n\n

The properties to be divested comprise 39 blocks of flatted factories, 12 amenity centres, six stack-up and one ramp-up buildings, three multi-tenanted business park buildings (the Synergy & the Strategy at the International Business Park and the Signature at the Changi Business Park) and one warehouse building. The transfer of properties to Mapletree is expected to be completed by 1 July 2008. Details of the properties to be divested are in Annex A.<\/p>\n\n\n\n

Mrs Ow Foong Pheng, Chief Executive Officer of JTC, said, \u201cSince the appointment of Mapletree as the REIT manager in February, the global and local capital markets have continued to remain volatile. The backstop option in Mapletree\u2019s proposal to buy the properties at a total consideration of $1.71 billion is very attractive. With the divestment of properties to Mapletree, we are confident that our customers will stand to benefit from Mapletree\u2019s strong track record in the industrial property sector and its local and international expertise.\u201d<\/p>\n\n\n\n

Mr Hiew Yoon Khong, Chief Executive Officer of Mapletree said, \u201cWe are happy to be presented with the opportunity to acquire this portfolio. The properties are attractive and well-diversified in terms of tenancy, location and asset type. This acquisition will allow us to scale up our real estate fund management business significantly.\u201d<\/p>\n\n\n\n

He added: \u201cMapletree will explore the possibility of listing the portfolio as a REIT, possibly in combination with other Mapletree industrial assets in due course. We believe that this is an excellent portfolio to be potentially offered to investors as a yield-based investment product. Meanwhile, our immediate focus will be to ensure a smooth transition for tenants and we look forward to working closely with them in the near future.\u201d<\/p>\n\n\n\n

The divestment of properties to Mapletree is part of JTC\u2019s overall divestment exercise to promote competitiveness and vibrancy in the industrial property market. The divestment will also enable JTC to focus on being a strategic infrastructure provider to support Singapore\u2019s economic growth and position Singapore as the choice investment location.<\/p>\n<\/div>\n\n\n\n

\n

Annex A \u2013 List of properties divested to Mapletree<\/h3>\n\n\n\n
Cluster<\/th>Address<\/th>Remark<\/th><\/tr><\/thead>
Kaki Bukit<\/td>2 Kaki Bukit Avenue 1
4 Kaki Bukit Avenue 1
6 Kaki Bukit Ave 1
8 Kaki Bukit Avenue 1
10 Kaki Bukit Avenue 1<\/td>		Flatted factory
Flatted factory
Amenity
Flatted factory
Flatted factory<\/td><\/tr>
Changi North<\/td>11 Changi North Street 1<\/td>Flatted factory<\/td><\/tr>
Clementi West<\/td>1 Clementi Loop<\/td>Warehouse<\/td><\/tr>
Lorong Bakar Batu<\/td>8 Lorong Bakar Batu
10 Lorong Bakar Batu
12 Lorong Bakar Batu<\/td>		Flatted factory
Amenity
Flatted factory<\/td><\/tr>
Kallang Way<\/td>161 Kallang Way
155 Kallang Way<\/td>		Flatted factory
Flatted factory<\/td><\/tr>
Kallang Sector<\/td>1 Kallang Sector
3 Kallang Sector
5 Kallang Sector<\/td>		Flatted factory
Flatted factory
Amenity<\/td><\/tr>
Loyang<\/td>30 Loyang Way
2 Loyang Lane
4 Loyang Lane
4A Loyang Lane<\/td>		Flatted factory
Flatted factory
Flatted factory
Amenity<\/td><\/tr>
Tanglin Halt<\/td>115A Commonwealth Drive
115B Commonwealth Drive<\/td>		Flatted factory
Flatted factory<\/td><\/tr>
Kallang Place<\/td>28 Kallang Place
26 Kallang Place
30 Kallang Place<\/td>		Flatted factory
Flatted factory
Flatted factory<\/td><\/tr>
Kallang Avenue<\/td>19 Kallang Avenue
21 Kallang Avenue
23 Kallang Avenue
25 Kallang Avenue<\/td>		Flatted factory
Flatted factory
Amenity
Flatted factory<\/td><\/tr>
Redhill<\/td>1001 Jalan Bukit Merah
1002 Jalan Bukit Merah
1001 A Jalan Bukit Merah
1003 Bukit Merah Central
3752 Bukit Merah Central<\/td>		Flatted factory
Flatted factory
Amenity
Flatted factory
Amenity<\/td><\/tr>
Telok Blangah<\/td>1160 Depot Road
1200 Depot Road
1200A Depot Road<\/td>		Flatted factory
Flatted factory
Amenity<\/td><\/tr>
Woodlands Central<\/td>33 Marsiling Ind Est Road 3
35 Marsiling Ind Est Road 3<\/td>		Flatted factory
Flatted factory<\/td><\/tr>
Signature<\/td>51 Changi Business Park Central 2<\/td>Business park<\/td><\/tr>
Synergy<\/td>1 International Business Park<\/td>Business park<\/td><\/tr>
Strategy<\/td>2 International Business Park<\/td>Business park<\/td><\/tr>
Kampong Ampat<\/td>171 Kampong Ampat<\/td>Flatted factory<\/td><\/tr>
Tiong Bahru<\/td>1090 Lower Delta Road
1091 Lower Delta Road
1092 Lower Delta Road
1093 Lower Delta Road
1091A Lower Delta Road
1080 Lower Delta Road<\/td>		Flatted factory
Flatted factory
Flatted factory
Flatted factory
Amenity
Amenity<\/td><\/tr>
Serangoon North<\/td>6 Serangoon North Ave 5<\/td>Flatted factory<\/td><\/tr>
Toa Payoh<\/td>970 Toa Payoh North
998 Toa Payoh North
970A Toa Payoh North
1004 Toa Payoh North
1008 Toa Payoh North
1008A Toa Payoh North<\/td>		Flatted factory
Flatted factory
Amenity
Flatted factory
Flatted factory
Amenity<\/td><\/tr>
Woodlands Spectrum 1 & 2<\/td>2 Woodlands Sector 1
201 Woodlands Ave 9
203 Woodlands Ave 9
205 Woodlands Ave 9
207 Woodlands Ave 9
209 Woodlands Ave 9
211 Woodlands Ave 9<\/td>		Stack-up
Stack-up
Stack-up
Stack-up
Stack-up
Stack-up
Ramp-up<\/td><\/tr><\/tbody><\/table><\/figure>\n<\/div>\n","protected":false},"featured_media":189,"template":"","meta":{"_acf_changed":false,"_trash_the_other_posts":false,"ep_exclude_from_search":false,"editor_notices":[]},"tags":[663,114],"newsroom-category":[112,1135],"csr-category":[],"class_list":["post-3878","newsroom","type-newsroom","status-publish","has-post-thumbnail","hentry","tag-663","tag-news"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\nJTC To Divest High-Rise Industrial Properties To Mapletree - MIPL Japan<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mapletree-stag.altis.cloud\/jp\/newsroom\/jtc-to-divest-high-rise-industrial-properties-to-mapletree\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JTC To Divest High-Rise Industrial Properties To Mapletree - MIPL Japan\" \/>\n<meta property=\"og:description\" content=\"Singapore \u2013JTC Corporation (\u201cJTC\u201d) today announced that it will be divesting a selected portfolio of high-rise ready-built properties to Mapletree Investments Pte Ltd (\u201cMapletree\u201d) for a total consideration of S$1.71 billion. 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