Mapletree Pan Asia Commercial Trust

What Mapletree Pan Asia Commercial Trust does

Mapletree Pan Asia Commercial Trust (MPACT) is a Singapore-listed Real Estate Investment Trust (REIT) on the SGX-ST that invests in commercial real estate across five Asian gateway markets: Singapore, Hong Kong SAR, China, Japan, and South Korea. Sponsored by Mapletree Investments Pte Ltd, which manages S$80.3 billion in assets across 13 markets globally, MPACT deploys a 4R Asset & Capital Management Strategy (Recharge, Refocus, Reconstitute, Resilience) to manage a 15-property, 10.2 million sq ft portfolio valued at S$15.2 billion. Its holdings include flagship retail destinations such as Singapore's largest mall VivoCity and Hong Kong's Festival Walk, integrated developments like Mapletree Business City, and office assets such as Beijing's Gateway Plaza, with 100% green building certification across the portfolio and 4,378 kWp of installed solar capacity. MPACT generated Q4 FY2026 revenue of S$210.7 million (down 5.5% YoY) and net property income of S$159.6 million (down 5.9% YoY), with a quarterly distribution per unit of S$0.019.

The trust monetizes its portfolio through long-term commercial leases with corporate office tenants and a diverse mix of retail, dining, and lifestyle tenants, generating recurring rental income that is distributed to public unitholders quarterly. Its revenue model is fundamentally rental yield-driven, with the listing structure enabling tradable unit ownership on Singapore Exchange and access to diversified funding sources including a S$5 billion euro medium-term securities programme, green bonds, and multicurrency loan facilities. Capital recycling is part of the model: MPACT divested the office component of Festival Walk in February 2026 and refinanced via S$200 million of green notes in June 2026 and a S$150 million multicurrency loan facility the same week.

MPACT is managed by MPACT Management Ltd., a wholly-owned subsidiary of Mapletree Investments, with DBS Trustee Limited serving as trustee and PricewaterhouseCoopers LLP as reporting auditor. Leadership comprises CEO Sharon Lim, CFO Janica Tan, and Head of Investments Koh Wee Leong, supported by a board led by Independent Non-Executive Directors including Chairman of the Audit and Risk Committee Wu Long Peng. The REIT delivers unit-holder returns through Distribution per Unit (DPU) at a forward yield of 6-6.2% (380-420bps over Singapore government bonds) and trades at 0.9x price-to-book versus a historical mean of 1.03x, with 61% female representation in management. Its competitive position rests on pan-Asia gateway-market exposure, sponsor-backed scale, full green certification, and disciplined capital recycling under the Manager's 4R framework.

Name

Mapletree Pan Asia Commercial Trust

Legal name

MPACT Management Ltd.

Website

https://mapletreepact.com

Company type

Public

Founded year

2011

Operating status

Operating

Short description

Mapletree Pan Asia Commercial Trust (MPACT) is a Singapore-listed REIT that owns and operates 15 commercial properties totaling 10.2 million sq ft across five Asian gateway markets—Singapore, Hong Kong, China, Japan, and South Korea. It generates recurring rental income for public unitholders under the sponsorship of Mapletree Investments.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Investment Trust

NAICS

Other Financial Vehicles (525990), Other Investment Pools and Funds (5259)

SIC

Real Estate Agents & Managers (For Others) (6531), Investors, Nec (6799)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

akta.pro secondary industry

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)

Keywords

• Commercial real estate
• REIT investment trust
• Property leasing
• Asset management
• Office retail properties

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Supply Chain

Revenue model

1. Rental Income from Commercial Properties: MPACT generates revenue primarily through rental income from its portfolio of commercial properties including office, retail, and mixed-use assets across Asia. Revenue is derived from long-term leases with tenants across multiple property types and geographies.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Mapletree Pan Asia Commercial Trust (MPACT) is a publicly listed Real Estate Investment Trust that acquires, owns, and manages a portfolio of 15 commercial properties across five Asian gateway markets (Singapore, Hong Kong SAR, China, Japan, South Korea), spanning office, retail, and mixed-use assets totaling 10.2 million sq ft of lettable area. The trust earns rental income from leasing these properties to corporate and retail tenants, and distributes the proceeds as regular quarterly cash distributions to its public unitholders on SGX-ST. Its 4R Asset & Capital Management Strategy covers Recharge (asset management), Refocus (acquisitions), Reconstitute (divestments), and Resilience (capital and risk management).

Product overview

Mapletree Pan Asia Commercial Trust (MPACT) is a Real Estate Investment Trust (REIT) positioned as a proxy to key gateway markets of Asia. Listed on SGX-ST, it manages a portfolio of 15 commercial properties across five key gateway markets: Singapore, Hong Kong SAR, China, Japan, and South Korea. The portfolio comprises retail properties (VivoCity, Festival Walk), office properties (Gateway Plaza), mixed-use integrated developments (Mapletree Business City), and business park assets totaling 10.2 million sq ft valued at S$15.2 billion. The REIT provides regular and stable distributions to unitholders through the Manager's 4R Asset & Capital Management Strategy: Recharge (proactive asset management), Refocus (acquisitions and redevelopments), Reconstitute (divestments and capital recycling), and Resilience (capital and risk management).

Differentiator

Problem solved

Functional benefit

Brands

• VivoCity: Singapore's largest mall with 1,082,644 sq ft of lettable area, positioned as a family, tourist and lifestyle destination
• Mapletree Business City
• Festival Walk
• Gateway Plaza

Products and services

• VivoCity
• Festival Walk
• Mapletree Business City
• Gateway Plaza

Quantifiable outcome

• S$7.8 billion market capitalisation
• +5 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• Mapletree Investments Pte LtdcoreStrategic or Co-development PartnerSponsor and parent company of the Manager MPACT Management Ltd. Mapletree is headquartered in Singapore with assets spanning 13 markets globally. As sponsor, MIPL provides the platform and expertise that supports MPACT's operations and investment strategy.
• PricewaterhouseCoopers LLPcoreOthersReporting Auditor for MPACT. Located at 7 Straits View, Marina One East Tower, Level 12, Singapore 018936. Partner-in-charge: Ms. Lo Mun Wai (since financial year ended 31 March 2026).
• KPMG LLPminorOthersAlternative auditor listed in corporate directory. Located at 12 Marina View, #15-01, Asia Square Tower 2, Singapore 018961.
• Boardroom Corporate & Advisory Services Pte. Ltd.coreOthersUnit Registrar for MPACT. Located at 1 Harbourfront Ave, #14-07 Keppel Bay Tower, Singapore 09863. Handles unit registry services including unitholder communications and administrative functions. Tel: +65 6536 5355.
• BMWminorOthersTenant at Gateway Plaza Beijing property. Listed as one of the well-known multinational tenants occupying space in MPACT's Beijing office property.

Scale indicators16 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Suntec REIT: Singapore-listed REIT anchored by Suntec City mixed-use development plus office assets in Singapore, Australia, and the UK. Directly comparable in commercial real estate strategy and listed S-REIT structure.
• CapitaLand Integrated Commercial Trust (CICT): Singapore-listed REIT investing in commercial properties (office and retail) primarily in Singapore. Closest direct competitor to MPACT within the S-REIT space, with comparable asset mix, distribution-led model, and Singapore-centric focus.
• Frasers Property Commercial Trust: Singapore-listed REIT (formerly Frasers Commercial Trust) investing in office and business space assets across Singapore, Australia, and the UK. Closely comparable in commercial property focus and S-REIT structure.
• ESR-REIT (formerly Sabana REIT): Singapore-listed REIT (now part of ESR Group) with industrial and commercial properties across Singapore. Comparable as a Singapore-listed commercial-property REIT, though more weighted to industrial rather than office/retail.
• Keppel REIT: Singapore-listed office-focused REIT with assets in Singapore, Australia, South Korea, and Japan. Direct peer on commercial property exposure across Asia gateway markets and listed S-REIT distribution model.
• Starhill Global REIT: Singapore-listed REIT focused on prime retail properties in Asia including Singapore, Malaysia, Japan, and Australia. Comparable in retail real estate exposure across Asia with a similar distribution-driven listed REIT structure.

Broad incumbents

• Wharf Real Estate Investment Company Limited: Hong Kong-listed commercial property owner with portfolio focused on mainland China (Times Square, IFC Shanghai) and Hong Kong retail/office. Direct overlap with MPACT's gateway-China retail exposure.
• Hongkong Land Holdings Limited: Major Hong Kong-listed commercial property owner and developer with landmark office and luxury retail assets across gateway Asian cities. Overlaps significantly with MPACT's HK and mainland China commercial exposure.
• Link REIT (Link Asset Management): Hong Kong-listed retail-focused REIT with properties across Hong Kong, mainland China, and Australia. Comparable in retail commercial real estate exposure across Asian gateway markets.

Regional players

• Fortune REIT: Hong Kong/Singapore-listed REIT holding retail malls in Hong Kong and Singapore. Comparable as an Asia gateway retail REIT with similar listing structure to MPACT.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/mapletree-pan-asia-commercial-trust

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mapletree Pan Asia Commercial Trust