Festival Walk, which is MNACT’s most valuable asset, had suffered “extensive damage” amid the Hong Kong protests. Amid worsening city-wide disruptions, Festival Walk had shut its doors on Nov 12, with the REIT’s manager saying that damage assessments were ongoing.
SINGAPORE (Jan 20): Even as the closure of Festival Walk mall in Hong Kong burned a hole in Mapletree North Asia Commercial Trust’s (MNACT) results for 3QFY2020 ended December 2019, OCBC Investment Research remains optimistic on the REIT’s outlook.
MNACT posted a distribution per unit (DPU) of 1.67 cents for 3QFY2020, down some 13.3% from 1.93 cents a year ago. This had included a distribution top-up to partially offset the impact of Festival Walk’s closure.
