NEWS RELEASE
For Immediate Release
JTC APPOINTS MAPLETREE AS REIT MANAGER
Singapore, February 1 2008: JTC Corporation (JTC) today announced that it has appointed Mapletree Investments Pte Ltd (Mapletree) to establish and manage a proposed real estate investment trust (REIT) which will acquire some of JTC’s high-rise ready-built properties. This marks another milestone in JTC’s divestment exercise following JTC’s announcement of the Request for Proposal to explore the appointment of a REIT manager last year.
2 Said Mrs Ow Foong Pheng, Chief Executive Officer of JTC, “We received quality submissions from a wide range of international and local players. All proposals were evaluated based on individual merit against an objective set of criteria and Mapletree was chosen after a rigorous selection process.”
3 Mr Hiew Yoon Khong, Chief Executive Officer of Mapletree said, “We are delighted to be appointed by JTC as the manager for its proposed REIT. This appointment reflects the recognition, both locally and internationally, of our capabilities in managing industrial properties and in structuring and managing REITs.”
4 The portfolio will comprise a wide range of high-rise ready-built properties including flatted factories, ramp-up and stack-up factories, and multi-tenanted business park buildings.
5 Said Mr Hiew, “We find the asset portfolio very attractive. It is well diversified in terms of tenancy, location and asset type. The properties are strategically located close to or have good access to the city centre, housing estates, key industrial belts and transport nodes. They enjoy high occupancy rates, a good quality tenant base and long-staying tenants. We are confident that we will be able to add further value to this portfolio of assets.”
6 JTC will work closely with Mapletree to effect a smooth transition upon the transfer of the selected properties. The timing for the proposed REIT is targeted around mid 2008, subject to market conditions.
About JTC Corporation
JTC Corporation (JTC) is the lead agency in Singapore to plan, promote and develop a dynamic industrial landscape, in support of the nation's economic advancement. Currently, the Corporation has under its management many developments including four wafer fab parks, an advanced display park, two business parks, a chemicals hub at Jurong Island, biomedical parks in Tuas as well as logistics hubs for aerospace, chemical and general warehousing industries.
JTC also plays a catalytic role in introducing leading-edge real estate solutions -- such as specialised research facilities and underground caverns -- to anchor important activities critical to the growth of the economy. It is the master developer for one-north at Buona Vista -- a 200-hectare development for research and entrepreneurial activities. With a focus on knowledge-intensive activities in the biomedical, infocomms and media industries, one-north is a niche environment for innovation and creativity.
In line with its vision of making Singapore the choice investment location, JTC is committed to providing a pro-business environment for its customers and optimising land resources to meet the needs of industries and enterprises. JTC's home page address is http://www.jtc.gov.sg.
About Mapletree Investments Pte Ltd
Mapletree Investments Pte Ltd (Mapletree) is a leading real estate company in Singapore with an Asian focus. It has an asset base of approximately S$5.3 billion comprising office, logistics, industrial and retail/lifestyle properties as well as assets under management of S$2.5 billion across Asia.
Its business philosophy is to shape new ways to deliver value to its stakeholders from real estate and related investments. It aims to be a strategic real estate partner providing real estate solutions, including capital management and quality property-related services and products, to its business partners.
Mapletree is the Sponsor for Mapletree Logistics Trust (MapletreeLog), the first Asia-focused logistics real estate investment trust in Singapore. Its wholly owned subsidiary, Mapletree Logistics Trust Management Ltd. is the Manager for MapletreeLog. It is also the co-manager of Lippo-Mapletree Indonesia Retail Trust (LMIR Trust), the first Indonesia retail REIT offering in Singapore. It owns 40% shareholding in the Trust’s management company - Lippo-Mapletree Indonesia Retail Trust Management Limited.