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Mapletree buys two portfolios of logistics assets in the US worth $3 bn

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This brings the property developer’s global logistics AUM to $18.7 bn

Singapore-based property developer Mapletree has recently acquired two portfolios of logistics assets in the US, media reports said. The portfolios comprising 141 income-producing assets for a total investment value of $3 billion. This brings Mapletree’s total global logistics asset under management (AUM) to $18.7 billion.

In a statement, Mapletree said that the first portfolio includes 24 assets across Dallas, Memphis, greater Chicago, central Florida and Boston, with an occupancy rate of 98.9 percent. The second portfolio has 117 assets across greater Chicago, the Carolinas, Memphis, Houston and the area spanning Washington and Baltimore, with 94.1 percent occupancy.

The portfolios, bought by Mapletree’s tenant base include companies in third-party logistics, consumer goods, wholesale and e-commerce sectors.

In this regard, Michael Smith, Mapletree’s regional chief executive officer of Europe and the US told the media, “The US logistics sector is among the best performing and most resilient of all the real estate markets in which Mapletree operates globally.

“By combining these recently acquired assets with 14 logistics facilities that we currently own, we have attained sufficient scale and investor interest to create a fourth US-focused private fund with a fully seeded portfolio of 155 logistics assets.”

Earlier this month, it was reported that Mapletree Investments closed its maiden US office fund, Mapletree US Income Commercial Trust (Music), with $552 million in total fund equity raised.

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