SINGAPORE, April 22 Singapore government-linked
firms JTC Corp and Mapletree said on Tuesday they would not
proceed with plans to list a real estate investment trust
(REIT) due to weak market conditions.
JTC, the government agency tasked with developing
industrial property, will instead sell a S$1.71 billion real
estate portfolio to a private trust sponsored by Mapletree, a
property firm that is a unit of state investor Temasek Holdings
The properties to be divested include factories, amenity
centres and multi-tenanted business park buildings.
JTC and Mapletree, which manages Mapletree Logistics Trust
(MAPL.SI) and Lippo-Mapletree Indonesia Retail Trust (LMRT.SI),
two Singapore-listed REITs, were advised by DBS, Goldman Sachs
(Reporting by Kevin Lim; Editing by Alan Raybould)