Mapletree syndicates US$1.8b pan US-European logistics fund

Singapore

MAPLETREE Investments, which is owned by Singapore's state investor Temasek Holdings, has said it has raised some US$1.8 billion in equity for its pan US-European logistics fund.

The syndication of the fund, MUSEL Private Trust, was supported by institutional, corporate and high-net-worth investors.

This is in line with Mapletree's business model, which includes being "an active capital manager in both the private and public markets", the company said.

The fund comprises 262 logistics assets across 26 US states and 20 European cities, at a total investment value of US$4.3 billion.

MUSEL's properties in the US are located near population and consumption centres in California, Texas, Pennsylvania and New Jersey, as well as logistics and transportation hubs.

In Europe, the fund has properties in seven countries, including Poland, France, Germany and Spain.

The trust will be managed by Mapletree Real Estate Advisors, a wholly-owned subsidiary of Mapletree.

Including the director and senior management's stake, the group will retain a 34 per cent interest in the fund.

Spanning about 56 million sq ft, MUSEL had a committed portfolio occupancy of 94.3 per cent and a weighted average unexpired lease term of 4.4 years as at Dec 31, 2019.

Hiew Yoon Khong, Mapletree's group chief executive officer, said: "Our success in syndicating this fund is testament to the strong confidence that investors have in Mapletree's capital management and global real estate capabilities."

He added: "Even with the current backdrop of economic uncertainty, the group expects the portfolio to generate stable dividends and attractive total returns."

Mapletree currently manages four Singapore-listed real estate investment trusts and six private equity real estate funds, which hold assets in Asia Pacific, Europe, UK and the US.

As of March 31, 2019, Mapletree owned and was managing S$55.7 billion of properties.