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

MAPLETREE Investments on Sunday said it has raised US$1.8 billion in equity for its pan US-European logistics fund, MUSEL Private Trust.

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

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

The trust will be managed by Mapletree Real Estate Advisors, a wholly-owned subsidiary of Mapletree. Including director and senior management's stake, the group will retain a 34 per cent interest in the fund. 

Spanning about 56 million square feet, MUSEL has 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. 

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Mapletree currently manages four Singapore-listed real estate investment trusts and six private equity real estate funds.

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

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