Mapletree Investments reported earnings of $965.2 million for the financial year ended March 31. It represents a 3.8% y-o-y drop owing to lower revaluation gains.

On the other hand, recurring income was up 11.7% y-o-y to $529.4 million, on the back of strong operating performances from its existing assets and four listed real estate investment trusts, leasing contributions from new assets, and higher fee income.

However, the group’s revenue rose 15% to $1.9 billion on the back of contributions from its assets in its new markets of Australia, the US and Europe, as well as contributions from SC VivoCity, the group’s first mall in Vietnam, and properties held under its REITs.

Earlier this month, Mapletree Investments acquired Green Park in the UK. Currently, the property provides about 1.4 million sq ft of Grade A lettable space and is 93% occupied.

As at end-March, Mapletree Investments owns and manages about $34.7 billion worth of assets worldwide.