- Properties will form seed portfolio for a potential US logistics private fund – Mapletree US Logistics Private Trust (“MUSLOG”)
- Acquisitions bring Mapletree’s global logistics assets under management (“AUM”) to ~S$25.5 billion
SINGAPORE – Mapletree Investments Pte Ltd (“Mapletree” or “the Group”) has acquired two portfolios of logistics assets in the United States (“US”), comprising 141 high-quality, income-producing assets for a total investment value of approximately US$3 billion (~S$4 billion1).
The first portfolio acquired in July 2021 comprises 24 assets totaling 6.1 million square feet (“sq ft”) of net lettable area (“NLA”) across Dallas, Memphis, Greater Chicago, Central Florida and Boston. The portfolio has a high occupancy of 98.9%2and has a weighted average lease to expiry (“WALE”) of 3.3 years2. The second portfolio acquired in September 2021, comprises 117 assets spanning 22.3 million sq ft of NLA across Greater Chicago, the Carolinas, Memphis, Houston and Washington DC / Baltimore. The portfolio is 94.1%2occupied and has a WALE of 4.1 years2.
Mr Michael Smith, Regional Chief Executive Officer of Europe and USA, commented “The US logistics sector is amongst 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. Together with the assets under Mapletree US & EU Logistics Private Trust, or MUSEL, which we successfully syndicated in 2019, we now manage 355 logistics facilities with an AUM of US$6.9 billion (~S$9.2 billion1), totaling 70 million sq ft of NLA, propelling Mapletree into the top 10 managers of logistics real estate in the US.”
Well located in core logistics hubs, these assets are strategically situated along key transportation nodes, providing excellent connectivity to highways, air and sea ports as well as in close proximity to large population catchments. The portfolios’ well-diversified tenant base includes companies in third-party logistics, consumer goods, wholesale and e-commerce sectors, among others.
With these acquisitions, Mapletree will manage
– Approximately S$25.5 billion of AUM in the logistics sector, with an estimated NLA of 224 million square feet across Singapore, Australia, China, Europe, Hong Kong SAR, India, Japan, Malaysia, South Korea, the US and Vietnam.
– Approximately US$14.8 billion (~S$19.8 billion1) of real estate across the US in the logistics, data centre, commercial, multi-family, serviced apartment and student accommodation sectors.
Footnotes:
1 US$1=S$1.34 as at 10 September 2021
2 Occupancy and WALE as at 30 June 2021
Located in close proximity to the port of Savannah, the fourth largest seaport in the US, this property is a modern, class-A bulk distribution warehouse with more than 600,000 sq ft of NLA.
Occupied by one of the world’s largest 3PL’s, this 1 million sq ft warehouse is located close to the Memphis International Airport.
Located in Arlington, Texas this property is a modern big box warehouse serving as one of the main distribution facilities for a large consumer retail company.
For enquiries on Mapletree’s private funds, please email PCM_Enquiries@mapletree.com.sg
