SINGAPORE – Mapletree Investments (“Mapletree” or “the Group”) is pleased to announce the successful closing of its third private fund in 2021, Mapletree US Logistics Private Trust (“MUSLOG” or “the Trust”), at US$1.4 billion (~S$1.9 billion) in total fund equity. Following the successful syndication of Mapletree US & EU Logistics Private Trust (MUSEL) in 2019, Mapletree has continued to scale up its presence in the US logistics market. The Group now manages 355 logistics assets with an AUM of US$6.9 billion (~S$9.2 billion), totaling 6.5 million sqm (~70 million sq ft) of NLA, placing us among the top 10 managers of logistics real estate in the US3.
MUSLOG is fully invested at closing with a total asset value of approximately US$3.3 billion (~S$4.5 billion) and was well received by a well-diversified group of new and repeat investors comprising pension funds, insurance companies, investment companies, asset managers and family offices. The Trust’s target of 12% IRR represents both a yield plus growth total return from a resilient and income-generating portfolio.
The MUSLOG portfolio comprises 155 logistics properties located across 19 states in the US, with a total NLA of approximately 2.9 million sqm (~30.7 million sq ft). The properties are located in close proximity to major logistics infrastructures such as cargo airports, ports, intermodal nodes and railways. The high occupancy portfolio of 95%4 is supported by a high-quality and well-diversified tenant base from growth sectors such as third-party logistics and end-user tenants, which are expected to benefit from the structural uplift in the US logistics sector driven by the proliferation of e-commerce demand. In addition, MUSLOG has a Weighted Average Lease Expiration (“WALE”) of 4.1 years.
Mr Hiew Yoon Khong, Mapletree’s Group Chief Executive Officer said, “Driven by shifts in consumer behavior towards e-commerce and supportive macro fundamentals, the US logistics sector is poised for continued strong growth. MUSLOG’s successful syndication demonstrates the confidence investors have in Mapletree’s fund management and operational capabilities, which are supported by the expertise of our local asset and property management teams. MUSLOG brings the Group’s global logistics AUM to US$18 billion (~S$24.3 billion1), positioning Mapletree as one of the top six logistics players globally. The Group will continue to source and develop quality investment products that are aligned with investor’s requirements and interests.”
In addition to MUSLOG, Mapletree syndicated two other funds in 2021, i.e., (a) Mapletree US Income Commercial Trust (MUSIC), a US$552 million (~S$745.2 million) US office fund and (b) Mapletree Europe Income Trust (MERIT), a EUR507 million (~S$806.1 million) European office fund. Total private fundraise in 2021 was US$2.5 billion (~S$3.4 billion), breaking previous fundraising records and enabled an increase in private fund AUM to US$13.8 billion (~S$18.7 billion).
The Trust will be managed by Mapletree Real Estate Advisors Pte. Ltd., a wholly-owned subsidiary of Mapletree. The Group will maintain a strong alignment of interest with investors by retaining a minimum 207 percent stake in MUSLOG, similar to its approach with other Mapletree-sponsored private funds.
MUSLOG will be Mapletree’s 13th private equity fund and the 6th in a series of fully seeded funds which encompass Europe, US and Australia commercial, Europe and US logistics, as well as student accommodation in the United Kingdom and the US.
Mapletree Investments (“Mapletree”) is a leading real estate development, investment, capital and property management company headquartered in Singapore. Its strategic focus is to invest in markets and real estate sectors with good growth potential. By combining its key strengths, the Group has established a track record of award-winning projects, and delivers consistent and high returns across real estate asset classes.As at 31 March 2021, Mapletree owns and manages S$66.3 billion of office, retail, logistics, industrial, data centre, residential, and lodging properties. The Group manages four Singapore-listed real estate investment trusts (“REITs”) and seven private equity real estate funds, which hold a diverse portfolio of assets in Asia Pacific, Europe, the United Kingdom (“UK”) and the United States (“US”).The Group’s assets are located across 13 markets globally, namely Singapore, Australia, Canada, China, Europe, Hong Kong SAR, India, Japan, Malaysia, South Korea, the UK, the US and Vietnam. To support its global operations, Mapletree has established an extensive network of offices in these countries.For more information, please visit.