Mapletree Investments has raised $1.4bn (€1.2bn) for its US logistics real estate fund and has is fully seeded the vehicle with $3.3bn worth of assets.
The property investment arm of Singapore’s state investment fund said the Mapletree US Logistics Private Trust (MUSLOG) was backed by a diversified group of new and repeat investors comprising pension funds, insurance companies, investment companies, asset managers and family offices.
The MUSLOG portfolio comprises 155 logistics properties located across 19 states in the US, with a total net lettable area of 2.9m sqm. MUSLOG targets a 12% internal rate of return.
Hiew Yoon Khong, Mapletree Group CEO, said: “Driven by shifts in consumer behaviour towards e-commerce and supportive macro fundamentals, the US logistics sector is poised for continued strong growth.
“MUSLOG’s successful syndication demonstrates the confidence investors have in Mapletree’s fund management and operational capabilities, which are supported by the expertise of our local asset and property management teams.”
MUSLOG is the third fund Mapletree has closed this year. The others are the $552m US office fund known as the Mapletree US Income Commercial Trust and the Mapletree Europe Income Trust, a €507m European office fund.
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