Trust Structure

The following diagram illustrates the relationship between MNACT, the REIT Manager, the Property Manager, the Trustee and the Unitholders.



The Trustee holds 100.0% of Mapletree North Asia Commercial Trust Treasury Company (S) Pte. Ltd., in which it holds 100.0% of Mapletree North Asia Commercial Treasury Company (HKSAR) Limited (the “Hong Kong Treasury Company”). The Hong Kong Treasury Company is a special purpose vehicle incorporated in Hong Kong and owned by MNACT for the purposes of (i) lending, borrowing or raising money, (ii) carrying out foreign exchange and interest rate hedging activities, financial futures trading, financial derivatives trading and other risk management activities in foreign currency or (iii) any other treasury management functions for and on behalf of MNACT.


The Property Manager is appointed pursuant to the Master Property Management agreement entered into between the Manager, the Trustee and the Property Manager. The Manager and Property Manager are wholly-owned subsidiary of the Sponsor.

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