Mapletree Investments has raised US$1.8bn (€1.7bn) for a Europe and US logistics fund fully seeded with US$4.3bn worth of assets.
The property investment arm of Singapore’s state investment fund said the MUSEL Private Trust’s assets comprise a portfolio of 262 logistics assets across 26 states in the US and 20 cities across seven European countries which include Poland, France, Germany and Spain.
Mapletree said the fundraising was supported by a geographically diversified investor base of institutional, corporate and high net worth investors.
Mapletree Investments said it will retain a 34% stake in MUSEL, which will be by Mapletree Real Estate Advisors.
Hiew Yoon Khong, Mapletree’s CEO said despite the challenging macroeconomic global outlook, investors are attracted to the “robust fundamentals of the logistics sector and resilience of our high-quality, income-producing logistics portfolio across the US and Europe”.
“Our success in syndicating this fund is testament to the strong confidence that investors have in Mapletree’s capital management and global real estate capabilities.
”Even with the current backdrop of economic uncertainty, the group expects the portfolio to generate stable dividends and attractive total returns.”
MUSEL follows a series of other funds that Mapletree has set up in the commercial sector in Australia and student accommodation sectors in the UK and the US over the last three years.
Mapletree said it will continue to originate investment products and syndicate new funds to grow its capital management business and fulfill the demand of its investors.