Mapletree Investment has closed Mapletree Japan Investment Country Private Trust (MAJIC) which is expected to achieve more than JPY110bn (€650m) in assets under management, after full deployment and all development projects are completed.
MAJIC, the global real estate investment manager’s second Japan logistics development fund and third fund focused on Japan, attracted commitments from a group of new and repeat investors comprising sovereign wealth funds and investment companies.
MAJIC has been seeded with three logistics development projects comprising a forward purchase of a last-mile logistics property located next to Tokyo Bay, as well as land plots for development into logistics facilities located in central Kyoto and Sanbongi.
Mapletree will maintain a minimum of 20% in MAJIC and the fund will be managed by Mapletree Real Estate Advisors, a subsidiary of Mapletree.
Hiew Yoon Khong, Mapletree’s group CEO said: “Amid the uncertain economic climate, Japan remains a preferred investment destination in the Asia Pacific region. Interest from domestic and international investors in Japan continues to be driven by the overall resilience of its real estate sector and confidence in Japan’s continued economic performance after its emergence from decades of stagnation.”
He said MAJIC would build upon the success of the group’s previous Japan funds, both of which delivered internal rate of returns in excess of 20%.
Wong Mun Hoong, Mapletree’s regional CEO, Australia and North Asia, added Japan was a tried and tested investment destination for investors aiming to invest in quality assets that provide attractive, risk-adjusted returns in the long run.
“Mapletree is focused on strengthening our foothold in this region to bring value to our investors through exposure to the country’s real estate sector.”
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