April 22, 2008 / 6:54 AM / 11 years ago

Singapore's Mapletree, JTC scrap plans to list REIT

SINGAPORE, April 22 (Reuters) - 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 [TEM.UL].

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 and UBS. (Reporting by Kevin Lim; Editing by Alan Raybould)

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