Brookfield Asset Management has bought two business parks and an industrial building in Singapore from Mapletree Industrial Trust (MIT), for A$535.3m (€369m).
The acquisition of the 1.8m sqft Strategy and The Synergy business parks, located in the International Business Park, in Singapore’s West, marks Brookfield’s first investment in the city-state.
Mapletree said the sale price represented a 2.6% premium over the independent valuations of the buildings at S$521.5m (€359m) as at 31 March 2025, and a 22.1% increase from the original investment cost of S$438.4m.
Ler Lily, chief executive officer of Mapletree Industrial Trust Management, said: “This strategic divestment aligns with our proactive asset management strategy of optimising portfolio composition while maintaining financial agility to seize new value-creating investment opportunities that will create sustainable returns.
“Following the completion of the divestment, Singapore assets remain a key of MIT’s portfolio and account for approximately 44.4% of MIT’s assets under management. MIT’s properties in Singapore will continue to provide portfolio stability and growth.”
Andrew Burych, Brookfield managing partner and head of East Asia real estate, said: “We have strong conviction in the high-tech research and development sector in Singapore.
“As the gateway to Southeast Asia and a major strategic manufacturing hub, Singapore and its high-tech business parks are benefiting from decades of government initiatives designed to attract and retain global multinational companies and support the growth of Singaporean companies.”
On the rationale of investing in Singapore, Brookfield said the city-state was a key hub for Brookfield in Asia Pacific and Brookfield has had a presence in the country since 2014.
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