Singapore – JTC Corporation (JTC) today announced that it has appointed Mapletree Investments Pte Ltd (Mapletree) to establish and manage a proposed real estate investment trust (REIT) which will acquire some of JTC’s high-rise ready-built properties. This marks another milestone in JTC’s divestment exercise following JTC’s announcement of the Request for Proposal to explore the appointment of a REIT manager last year.

Said Mrs Ow Foong Pheng, Chief Executive Officer of JTC, “We received quality submissions from a wide range of international and local players. All proposals were evaluated based on individual merit against an objective set of criteria and Mapletree was chosen after a rigorous selection process.”

Mr Hiew Yoon Khong, Chief Executive Officer of Mapletree said, “We are delighted to be appointed by JTC as the manager for its proposed REIT. This appointment reflects the recognition, both locally and internationally, of our capabilities in managing industrial properties and in structuring and managing REITs.”

The portfolio will comprise a wide range of high-rise ready-built properties including flatted factories, ramp-up and stack-up factories, and multi-tenanted business park buildings.

Said Mr Hiew, “We find the asset portfolio very attractive. It is well diversified in terms of tenancy, location and asset type. The properties are strategically located close to or have good access to the city centre, housing estates, key industrial belts and transport nodes. They enjoy high occupancy rates, a good quality tenant base and long-staying tenants. We are confident that we will be able to add further value to this portfolio of assets.”

JTC will work closely with Mapletree to effect a smooth transition upon the transfer of the selected properties. The timing for the proposed REIT is targeted around mid 2008, subject to market conditions.