Macquarie MEAG Prime Real Estate Investment Trust (MMP REIT), formerly known as Prime Real Estate Investment Trust, is a Singapore-based real estate investment trust investing primarily in prime real estate used mainly for retail and/or office purposes, both in Singapore and overseas.
MMP REIT is the only Singapore REIT to own two landmark properties on Orchard Road, Singapore's premier shopping and tourist precinct. MMP REIT owns 74.23 per cent strata title interest in Wisma Atria and 27.23 per cent strata title interest in Ngee Ann City. Both properties have been awarded Superbrand status for the Shopping Centre category in the Superbrands Singapore Awards 2004/2005.The Manager and the Property Manager of MMP REIT are 50% indirectly owned by Macquarie Bank, 25% indirectly owned by MEAG and 25% indirectly owned by Investmore Enterprises.
July 2007 - Substantial Investors increasing stakes in MMP REIT
10-07-2007 - Morgan Stanley from 10.01% to 11.023%
09-07-2007 - DBS Asset Management from 5.01% to 5.04%
Recent acquisitions in China and Japan
MMP REIT is buying half of a prime retail mall in Chengdu, China. The 50 percent stake, costing S$30 million, marks MMP REIT's maiden entry into China's real estate market.
The property, known as Renhe Spring Department Store, is strategically located in the Wuhou District of Chengdu, the capital of Sichuan Province.This includes two prime retail properties in Chengdu with a combined gross floor area of more than 1 million square feet. This would give MMP REIT a concrete platform on which to build a critical mass of prime retail properties in China.
With the completion of the 6 properties acquisition in Japan, MMP REIT’s portfolio now comprises eight assets located in Singapore and Japan, valued at around S$1.6 billion. Going forward, MMP REIT with exposure in Singapore, Japan and soon in China is poised for even stronger growth in the medium term.
Last done price: $1.24 SGD
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