SINGAPORE: Singapore state investor Temasek Holdings Pte’s real estate investment managers Mapletree Commercial Trust and Mapletree North Asia Commercial Trust plan to merge in a scheme arrangement totaling S$4.2 bill (US$3.1bil or RM13bil).

       Mapletree Commercial plans to buy Mapletree North Asia Commercial Trust units either through cash-and-scrip or a scrip-only consideration, the companies said in a statement to the Singapore Exchange yesterday.

       The two firms, both backed by Mapletree Investments Pte that’s owned by Temasek, said the deal offers a ready launchpad to expand in Asia and to establish footholds in multiple cities swiftly.

       Under the scrip consideration, Mapletree Commercial plans to issue 0.5963 new units per Mapletree North Asia Commercial unit, while under the other option, Mapletree North Asia Commercial shareholders can choose a combination of 0.5009 new Mapletree Commercial units and S$0.1912 (RM0.59) in cash per unit, the statement said. — Reuters