Mapletree Investments has sold a $328m (€279m) industrial portfolio to Faropoint, marking the Singapore-headquartered real estate manager’s first major US warehouse disposal.
Mapletree said it has completed the sale of the 1.8m sqft portfolio of 30 shallow-bay warehouse buildings located across Florida, Georgia, New Jersey, Pennsylvania and Texas.
The assets were part of the $4.3bn closed-ended Mapletree US & EU Logistics Private Trust (MUSEL) established in 2019.
Richard Prokup, CEO, US, Mapletree, said: “Mapletree remains bullish on the long-term potential of the US industrial market. This transaction represents our first large-scale warehouse divestment in the US, a milestone that unlocks capital for reinvestment in new opportunities that align with our conviction in this sector.”
The deal represents Faropoint’s largest acquisition since the firm’s founding in 2012.
Ohad Porat, CIO at Faropoint, said: “This portfolio is a strategic addition to our platform and reinforces Faropoint’s conviction in the long-term fundamentals of infill industrial real estate. It advances the scale and discipline we apply to our investment strategy as we continue growing across key US logistics corridors.”
Yannai Gordon, SVP at Faropoint, said: “This transaction demonstrates our ability to execute complex, multi-market acquisitions with speed and precision.
“It was a pleasure working with Mapletree — an institutional and highly professional counterparty — on a portfolio defined by high-quality assets in competitive logistics markets.”
JLL represented Mapletree in the transaction.
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