Mapletree Investments has raised €507m for its first European office real estate investment fund and has invested in €1.2bn worth of assets for the fund.
The property investment arm of Singapore’s state investment fund said the capital raised by Mapletree Europe Income Trust (MERIT) fund has been invested in seven office properties totalling approximately 270,000sqm worth €1.2bn.
Mapletree said it will retain a 27% stake in MERIT to align with investor interest, similar to its approach with other Mapletree-sponsored private funds, and its four Singapore-listed real estate investment trusts.
The trust will be managed by Mapletree Real Estate Advisors.
Hiew Yoon Khong, Mapletree’s CEO said: “Since 2015 when Mapletree expanded beyond Asia and entered markets such as Europe, UK and the US, the group has nearly doubled its assets under management and grew its funds under management by 50%. The group’s robust underwriting philosophy complemented with strong local asset management expertise have enabled us to continually source, structure and develop quality investment products.
”The successful fundraise of MERIT amidst the current Covid-19 pandemic demonstrates the confidence and endorsement that investors have in Mapletree’s fund management capability and track record. Investors of MERIT will benefit from a robust and stable income stream generated from a portfolio of high quality European commercial assets, anchored by long lease profiles.”
MERIT will be Mapletree’s 11th private equity fund and the fourth in a series of fully seeded funds which includes Australia commercial, Europe and US logistics, as well as student accommodation in the UK and US.
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