- Delivered Revenue of S$2.2 billion and Recurring PATMI of S$637.4 million in Financial Year 2024/2025 (“FY24/25”)
- Stable operational results supported by strategic acquisitions in all four core sectors
- Continued growth in core sectors with greater focus on development projects
SINGAPORE – Mapletree Investments Pte Ltd (“Mapletree” or “the Group”) reported a revenue of S$2.2 billion and recurring profit after tax and minority interest (“PATMI”)1 of S$637.4 million in Financial Year 2024/2025 (“FY24/25”), which ended 31 March 2025. Stable operational results, supported by the Group’s strategic acquisitions and asset recycling activities, have continued to provide a solid foundation for its business growth.
Mr Hiew Yoon Khong, Mapletree’s Group Chief Executive Officer said: “Amid a challenging environment marked by elevated interest rates, intensifying geopolitical tensions and increasing economic uncertainties, Mapletree maintained a disciplined and long-term approach in executing our business plans. The Group deepened our focus on our core sectors – logistics, student housing, office and data centre – through prioritising operational performance, investing selectively in specific markets with growth potential, and embarking on more development projects for higher returns. Our capital management initiatives continued through successful fund syndications and divestments of non-core assets. These strategic priorities underpinned Mapletree’s resilient FY24/25 performance and will continue to guide the Group in fostering sustainable growth going forward.”
The deconsolidation of Mapletree Logistics Trust (“MLT”) in FY23/24 resulted in lower revenue. Excluding impact of the deconsolidation, the Group’s revenue was 1.2% higher than the previous FY.
Mapletree’s PATMI recovered from a net loss a year ago to a profit of S$227.2 million in FY24/25 as overall revaluation losses narrowed. In addition, the Group recorded total net proceeds of S$897 million from divestment of non-core assets2, other divestments to MLT3 and the syndication of Mapletree Japan Investment Country Private Trust (“MAJIC”), the Group’s third Japan-focused private fund.
On the back of strategic acquisitions completed across core sectors, Mapletree’s assets under management (“AUM”) grew from S$77.5 billion in FY23/24 to S$80.3 billion in FY24/25. Besides deepening its footprint in these asset classes, Mapletree harnessed its capabilities to embark on more development initiatives, which will enable the Group to increase the value-add to its portfolio, achieve better returns and bring higher quality products to the market. Projects under development4 increased from S$3.7 billion as at 31 March 2024 to S$5.5 billion as at 31 March 2025.
Diversified Portfolio, Strong Focus on Core Sectors
Logistics
Throughout FY24/25, the Group continued to acquire quality logistics assets and embark on new logistics development initiatives across Asia Pacific, including China, Hong Kong SAR, India and Vietnam. In Europe, the Group marked its first foray into the United Kingdom (“UK”) logistics market with the acquisitions of Derby DC1 and Verda Park, and deepened its presence in Spain by acquiring a diverse portfolio of 10 logistics assets. As at 31 March 2025, the Group’s logistics portfolio in Europe and the UK stood at ~S$2.2 billion.
In April 2024, Mapletree closed MAJIC, Mapletree’s third Japan-focused fund and second Japanlogistics development fund, which targets an AUM of up to JPY110 billion (~S$1 billion)5 upon full deployment. Mapletree is also marketing a new logistics development fund, Mapletree Emerging Growth Asia Logistics Development Fund (“MEGA”), focusing on Malaysia, India and Vietnam where institutional grade logistics products are undersupplied. MEGA will comprise development assets with a total AUM of up to US$1.8 billion (S$2.4 billion)6 and is targeted to close this year. Mapletree maintains a positive outlook of the sector with continued growth in demand for warehousing space expected in most markets.
Student Housing
In April 2024, Mapletree completed a £1 billion (S$1.7 billion)7 strategic acquisition comprising a portfolio of 31 UK and Germany student housing assets, along with the Student Castle operating platform, an award-winning student housing brand. This acquisition leapfrogged Mapletree from 7th to 4th largest student housing owner in the UK as at 31 March 2025.
The Group continued to maximise rental income and enhance operational efficiencies across its portfolio of 30,000 student beds in the UK and the United States (“US”). This commitment to improving the student experience led to Mapletree securing the Best Private Housing (UK and Ireland) Award at the prestigious 2024 Global Student Living Awards.
Office
Mapletree continued to invest into India and Vietnam’s office markets where demand for quality offices has been strong. The Group deepened its office footprint in India with the acquisition of a land parcel for greenfield office development project Global Business City, Bengaluru in FY24/25. When completed, it will feature office spaces spanning a net lettable area of 743,224 sqm over a land area of 153,780 sqm. Construction is also on track for Grade A office development projects Vikhroli Business City in Mumbai and Global Business City in Pune. Upon completion, the Group will have ~1.6 million sqm of office spaces across five assets in four cities in India. In Vietnam, Mapletree acquired a land parcel in Hanoi to develop a ~92,000 sqm Grade A mixed-use office project with retail amenities.
Data Centre
Mapletree continues to seek new avenues to increase its presence in this fast-growing sector, underpinned by long-term macro drivers including growth in demand for cloud computing, e-commerce and artificial intelligence.
In October 2024, Mapletree Industrial Trust (“MIT”) acquired a freehold mixed-use facility in Japan with redevelopment opportunity into a data centre. The Group’s first data centre development in Hong Kong SAR, located in Fanling, is expected to be completed in 2H 2025. Mapletree will continue to explore new opportunities to expand its data centre footprint in established core markets in Europe where investor appetite remains strong, and rapidly emerging markets such as Milan and Madrid which present strong potential for returns. Within Asia Pacific, Mapletree will focus on mature and high-potential markets such as Japan and Korea.
Committed to Long-Term Value Creation
Despite the challenges presented by the evolving geopolitical and economic landscape, Mapletree seeks to continue finding bright spots in selected markets in its four core sectors. As a long-term real estate investor, developer and capital manager, the Group will continue to build upon its strengths to pursue these opportunities in alignment with its targets for its fourth Five-Year Plan and long-term growth objectives.
“Our track record demonstrates the Group’s ability to adapt its investment, development and operational decisions in response to market challenges. Moving forward, we will continue to prioritise enhancing operational performance for our existing assets, maintaining a selective investment approach in markets with growth potential, creating greater value through development projects – all while deepening collaborations with like-minded capital partners on new funds and syndication,” added Mr Hiew.
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Additional Information on Mapletree’s Logistics Investment Updates in FY24/25
- Mapletree secured a tender for a 44,318 sqm land parcel in Tsing Yi, Hong Kong SAR, which will be developed into a multi-storey modern logistics building. Construction is expected to commence by mid-2026.
- Mapletree completed an acquisition of a 98,500 sqm land parcel in Tamil Nadu, India, which will deliver Grade A warehouses totalling a gross floor area of ~68,700 sqm.
- In China, Mapletree successfully delivered 13 logistics parks totalling 0.9 million sqm of net lettable area.
- Mapletree completed its inaugural logistics development in India, Mapletree (Hoskote) Logistics Park, Bengaluru, and Mapletree Logistics Park Hoa Phu in Vietnam.
- For longer-term growth in the US, Mapletree has embarked on a development strategy for its logistics business. The Group acquired a 91,135 sqm land parcel for logistics development in New Jersey in December 2024, with groundbreaking expected in the second half of 2025.
Integrating Sustainability into its Business Value Chain
As a global real estate company, Mapletree is committed to integrating sustainability into the decision-making process across investments, developments and operations. The Group:
- Secured S$8 billion to pursue green and sustainable financing as at 31 March 2025
- Planted ~43,000 trees across Mapletree assets and communities as at 31 March 2025
- Attained more than 800 green building certifications and ratings since 2008
- Achieved green building certification for all its new developments in FY24/25
- Continued to ensure diversity in the way it hires, advances and rewards employees based on merit, with 54% of women occupying senior management roles across Mapletree as at 31 March 2025. In addition, MLT was recognised by the Singapore Board Diversity Index in 2025 for exhibiting exemplary diversity standards
- Committed S$1.8 million to Corporate Social Responsibility causes in FY24/25
1 PATMI denotes net profit after tax and non-controlling interests attributable to Perpetual Securities Holders and Equity Holder of the Company.
2 Included office building 20 Harbour Drive in Singapore and serviced apartment Oakwood Suite Yokohama in Japan.
3 Mapletree divested three Grade A logistics properties in Malaysia and Vietnam to MLT to support the REIT in capturing emerging Asia’s growth potential.
4 This includes development projects held under MIPL’s balance sheet, private funds and REITs, and residential properties.
5 Based on exchange rate of S$1=JPY111.74 as at 30 April 2024.
6 Based on exchange rate of S$1=US$1.33547 as at 31 March 2025.
7 Based on exchange rate of S$1=GBP1.7059 as at 31 March 2024.
8 Based on illustrative exchange rate of S$1=JPY111.74. MIT has an effective economic interest of 98.47% in the property while the remaining 1.53% is held by Mapletree Investments Pte Ltd.
