Mapletree Investments has expanded its logistics presence in the US with the acquisition of $3bn (€2.59bn) worth of properties.

The property investment arm of Singapore’s state investment fund said the portfolio of 141 properties – acquired in two separate deals – will be used as seed portfolio for Mapletree US Logistics Private Trust, a potential US logistics private fund.

The first portfolio, acquired in July, comprises 24 assets located across Dallas, Memphis, Greater Chicago, Central Florida and Boston. The second portfolio was acquired this month and comprises 117 assets located across Greater Chicago, the Carolinas, Memphis, Houston and Washington DC/Baltimore.

Michael Smith, regional CEO of Europe and US, said: “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.”

Smith said together with the assets under Mapletree US and EU Logistics Private Trust, the business now manages 355 logistics facilities with assets under mangement of $6.9bn in the US. 

Globally, Mapletree manages S$25.5bn (€16.2bn) worth of logistics assets.

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