SINGAPORE – Mapletree Investments Pte Ltd (“Mapletree” or “the Group”) and Singapore Management University (“SMU”) jointly organised the 3^rd Mapletree Real Estate Forum at SMU; themed “Is a SPAC listing suitable for a real estate company?” Held in a hybrid format on 20 January 2022, the panellists discussed the suitability, benefits and risks of Special Purpose Acquisition Company (SPAC) Listings in Singapore as well as for real estate companies.

Ms Wendy Koh, Chairman of the SMU Advisory Board for Mapletree Real Estate Programme and Group Chief Financial Officer of Mapletree Investments, said, “I am happy to see that the Mapletree Real Estate Forum at SMU has gained traction since its roll-out in the year 2019 as a platform to share trends and cross-disciplinary knowledge to navigate the growing real estate sector in Singapore and globally. SPAC is a hot topic, and we believe that the Forum has helped SMU students, industry professionals and real estate practitioners gain more in-depth knowledge and perspectives about the topic and its prospects in the real estate industry through panel discussions and engagements.”

Over 200 students from SMU, industry professionals, real estate practitioners and members of the public were welcomed by Ms Wendy Koh, Chairman of the SMU Advisory Board for Mapletree Real Estate Programme and Group Chief Financial Officer of Mapletree Investments at the event. The panel discussion was moderated by Professor Melvyn Teo, Deputy Dean (Faculty and Research), SMU Lee Kong Chian School of Business. And joining him were panellists from diverse backgrounds comprising real estate, banking, education and law namely the following:

• Mr Ronald Tan, Vice President, Equity Capital Market, Global Sales & Origination, Singapore Exchange Limited
• Ms Lock Yin Mei, Partner, Allen & Overy
• Mr Indran Thana, Managing Director, Global Banking Head of SEA Consumer, Healthcare and Real Estate, UBS

Professor Melvyn Teo started the discussion with a brief introduction to the concept of SPACs. The panellists shared that SPAC is attractive as it provides investors with a level of certainty, investors are able to access the outcome privately, taking advantage of opportunities that were only privy to venture capitalists previously. They added that SPAC benefits companies whose valuation are harder to pin down, and allows the matching of the right type of capital to the right companies.

That said, the panellists also cautioned against illusions that sponsors may be faced with, such as taking in less-than-ideal candidates, especially if due diligence is not done. Four points should be considered, namely the credibility of the partners, domain expertise, governance structure and relevant experience.

When asked about SPAC’s relevance in the real estate industry, the panellists also agreed that while real estate may not be the preferred choice of industry for SPAC investors, there are still opportunities available in high-growth areas, such as in the property technology space.

The Mapletree Real Estate Forum is an annual event for industry practitioners, subject experts and tertiary students to discuss relevant trends and topics. This is part of the Mapletree Real Estate Programme at SMU which was first launched in 2018. Last year, Mapletree donated an additional $2.5 million to enhance the Programme. With the new funding, the expanded Programme aims to equip a wider group of students with the necessary knowledge and cross-disciplinary skills to build a bigger pool of talent for leadership roles in the real estate sector in Singapore and globally.

Enclosures:
Photos of the 3^rd Mapletree Real Estate Forum at SMU

(Left to Right) Professor Bert De Reyck, Dean of SMU Lee Kong Chian School of Business and Vice-Chairman of SMU Advisory Board for Mapletree Real Estate Programme; Ms Wendy Koh, Chairman of the SMU Advisory Board for Mapletree Real Estate Programme and Group Chief Financial Officer of Mapletree Investments; Mr Ronald Tan, Vice President, Equity Capital Market, Global Sales & Origination, SGX; Mr Indran Thana, Managing Director, Global Banking Head of SEA Consumer, Healthcare and Real Estate, UBS and Ms Lock Yin Mei, Partner, Allen & Overy

(Left to Right) Professor Melvyn Teo, Deputy Dean (Faculty and Research), SMU Lee Kong Chian School of Business, Mr Ronald Tan, Vice President, Equity Capital Market, Global Sales & Origination, SGX; Mr Indran Thana, Managing Director, Global Banking Head of SEA Consumer, Healthcare and Real Estate, UBS and Ms Lock Yin Mei, Partner, Allen & Overy

(Left to Right) Mr Wan Kwong Weng, Group Chief Corporate Officer of Mapletree; Professor Bert De Reyck, Dean of SMU Lee Kong Chian School of Business and Vice-Chairman of SMU Advisory Board for Mapletree Real Estate Programme; Mr Edmund Cheng, Chairman of Mapletree; Ms Wendy Koh, Chairman of the SMU Advisory Board for Mapletree Real Estate Programme and Group Chief Financial Officer of Mapletree and Song Chang Cheng, Associate Professor of Finance, SMU Lee Kong Chian School of Business