MNACT settles Festival Walk insurance claim for $58.3m

The agreement comprises two payments.

Mapletree North Asia Commercial Trust (MNACT) has entered a settlement agreement with insurers on their claims for property damage and revenue loss due to business interruption in Hong Kong-based mall Festival Walk.

In a bourse filing, MNACT said the agreed settlement sum was $58.3 (HK$334.3m); of which, $14.7m (HK$84.3m) will be paid for property damage, whilst $43.6m (HK$250.0m) will be for revenue loss due to business interruption.

The payout amount for revenue loss after deducting taxes will be $36.4m (HK$207.36m).

“The amount of $3.5m, in excess over the distribution top-ups of $32.9m paid to unitholders in the third quarter of FY19/20 and the fourth quarter of FY19/20, will be distributed to unitholders as part of the semi-annual distribution for the period from 1 October 2021 to 31 March 2022,” MNACT said.

The settlement amount for property damage, on the other hand, is “capital and in nature” and “not distributable.”

Last year, MNACT received a partial insurance payment of $8m (HK$45m) for property damage in Festival Walk.

Follow the link for more news on

Mapletree North Asia Commercial Trust

insurance settlement agreement

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia