Mapletree Pan Asia Commercial Trust to sell Hong Kong office tower for $252 million
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Mapletree Pan Asia Commercial Trust is selling its Hong Kong office tower at Festival Walk mall for HK$1.96 billion ($252 million) to optimize its portfolio amid a sluggish Greater China office market. The sale, backed by Temasek Holdings, will close by February and proceeds will reduce debt, lowering leverage to 36.5%. The REIT retains ownership of Festival Walk's retail mall, valued at HK$21.78 billion, and will have 15 commercial assets post-sale.
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