Volatile capital markets cited as main reason JTC Corp has scrapped plans to divest a large chunk of its industrial property portfolio through a listed real estate investment trust (Reit). Instead, it will sell the 62 properties for $1.71 billion to Temasek-linked Mapletree Investments, which it had earlier appointed to manage the planned trust. This is because of recent weak stock market...
REITS Plan Scrapped
JTC Corporation and Mapletree have cancelled plans to list a real estate investment trust due to current volatile market conditions. Instead, JTC will divest the S$1.71 billion real estate portfolio to a private trust sponsored by Mapletree. This divestment option was part of Mapletree's proposal to JTC, when Mapletree was appointed by JTC as the REIT manager for the selected portfolio in February this...