Mapletree Investments has raised $552m (€471m) for its maiden US office fund and has fully seeded with five properties.

The property investment arm of Singapore’s state investment fund said the capital raised for the Mapletree US Income Commercial Trust capital  (MUSIC) has been invested in a 285,000sqm portfolio worth $1.3bn. The assets are located in Oakland, Raleigh, Dallas and Minneapolis.

The fund targets a 12% internal rate of return.

Hiew Yoon Khong, Mapletree’s group CEO, said since 2014, Mapletree has grown its assets under management in the US and now manages assets worth $12.3bn across a range of asset classes such as commercial, data centres, logistics, student housing and lodging.

MUSIC’s closing reflects the group’s ability to source, acquire, manage and structure quality investment products that are aligned with investors’ requirements and interests, he said.

MUSIC is Mapletree’s fifth fund in a series of fully seeded funds which include Europe and Australia commercial, Europe and US logistics, as well as student accommodation in the UK and US.

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