MNACT issues maiden $250m perps at 3.50% interest rate

Mapletree North Asia Commercial Trust has priced $250m of perpetual securities at 3.50%.

Mapltetree North Asia Commercial Trust (MNACT) has issued its first batch of perpetual securities through DBS, of $250m at 3.5% rate.

This is a part of MNACT’s US$1.5b Euro Medium Term Securities Programme, with an initial rate of distribution of 3.5% for the first five years.

In a bourse statement, MNACT Management CFO Ng Wah keong said the issunance was oversubscribed.

“This attests to investors’ confidence in the resilience of MNACT, which is underpinned by a diversified portfolio of quality assets,” Ng said.

Proceeds of the money raised will be used for general corporate purposes, including funding the acquisition of a freehold office building in Japan.