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Mapletree Investments acquires two portfolios of logistics assets in the US for $4 bil

By Felicia Tan

/ The Edge Singapore |

September 30, 2021 5:26 AM SGT

Occupied by one of the world’s largest 3PL’s, this 1 million sq ft warehouse is located close to the Memphis International Airport. (Picture: Mapletree Investments)

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SINGAPORE (EDGEPROP) - Mapletree Investments announced, on Sept 30, that it has acquired two portfolios of 141 high-quality, income-producing logistics assets in the US for approximately US$3 billion ($4 billion).

The first portfolio was acquired in July. It comprises 24 assets that have a total of 6.1 million sqft of net lettable area (NLA) across Dallas, Memphis, Greater Chicago, Central Florida and Boston.

The portfolio has an occupancy rate of 98.9% and has a weighted average lease expiry (WALE) of 3.3 years.

The second portfolio was acquired in September. It comprises 117 assets that span 22.3 million sqft of NLA across Greater Chicago, the Carolinas, Memphis, Houston and Washington DC/Baltimore. The portfolio is 94.1% occupied and has a WALE of 4.1 years.

The assets are strategically situated along key transportation nodes, with excellent connectivity to highways, air and sea ports. They are also within close proximity to large population catchments.

The portfolios have a well-diversified tenant base that includes companies in third-party logistics, consumer goods, wholesale and e-commerce sectors, among others.

With the acquisitions, Mapletree will now manage approximately $25.5 billion of assets under management (AUM) in the logistics sector with an estimated NLA of 224 million sqft across Asia, Europe and the US.

It will also manage around US$14.8 billion worth of real estate across the US.

“The US logistics sector is amongst the best performing and most resilient of all the real estate markets in which Mapletree operates globally,” says Michael Smith, regional CEO of Europe and USA of Mapletree Investments.

“By combining these recently acquired assets with 14 logistics facilities that we currently own, we have attained sufficient scale and investor interest to create a fourth US focused private fund with a fully seeded portfolio of 155 logistics assets,” he adds.

“Together with the assets under Mapletree US & EU Logistics Private Trust, or MUSEL, which we successfully syndicated in 2019, we now manage 355 logistics facilities with an AUM of US$6.9 billion, totalling 70 million sqft of NLA, propelling Mapletree into the top 10 managers of logistics real estate in the US.”

This article first appeared on The Edge Singapore.

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