Mapletree Commercial Trust to divest Festival Walk Tower offices for $328.1m

It is targeted for divestment in February 2026.

Mapletree Pan Asia Commercial Trust (MPACT) through its subsidiary Festival Walk Limited entered into an agreement to divest the office component of Festival Walk Tower in Hong Kong for a consideration of $328.1m (HKD1.960m).

MPACT entered an asset sale agreement with an unrelated third party, it said in a bourse filing.

The divestment consideration negotiated on a willing-buyer and willing-seller basis, is in line will be satisfied wholly in cash, with completion targeted in February 2026, it added.

The Festival Walk Tower is the office component of Festival Walk with a lettable area of 213,982 square feet with seven tenants. As at 30 September 2025, the property had a committed occupancy of 94.2%.

Following this divestment, MPACT will retain 100% ownership and operations of Festival Walk’s remaining components, one of which is the retail mall.

Upon completion of the divestment, MPACT’s portfolio will comprise 15 commercial properties located across five markets in Asia, with a total lettable area of 10.2 million square feet independently valued at $15.6b, the firm said.

The divestment is not expected to have a material impact on its net asset value and net property income for the fiscal years 2025 to 2026, MPACT added.

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